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Goods exports posted a decline of 10.3 per cent in July 2015 (year-on-year) to $23.13 billion — the eighth straight month of fall — primarily due to a continued fall in exports of petroleum products as global oil prices remained low.
However, the fall in exports in July, which was lower than the decline registered in the previous months of the fiscal, has given reasons for hope to exporters who are looking forward to better numbers in August.
Low oil prices also dragged down imports, which fell 10.28 per cent to $35.94 billion during the month. Trade deficit in July 2015 was $12.81 billion, which was lower than the deficit of $14.27 billion in July last year.
Prospects looking up “The lowering of decline in July itself is a good sign and going by increase in container traffic in the first fortnight of August, we expect these results to move northwards for the month of August and subsequent months,” said FIEO President SC Ralhan. While exports of leather products, electronic items, farm products and yarn took a hit in July 2015, exports in several key sectors such as gems & jewellery, engineering goods, ready-made garments and pharmaceuticals posted increases, although modest.
Apart from petroleum, imports of project goods, coal and metal ore also dropped sharply.
Gold imports up Gold imports, however, increased 62.22 per cent to $2.96 billion in July 2015 from $ 1.82 billion in July 2014, as imports from some Asean countries increased.
Exports in April-July 2015-16 were $89.82 billion, which was 15.04 per cent lower than $105.72 billion in the same period last year.
Imports in April-July 2015-16 were $134.86 billion, which was 12.01 per cent lower than $153.27 billion in the same period last year. Oil imports in July, 2015 were valued at $9.48 billion which was 34.91 per cent lower than oil imports worth $14.57 billion in the corresponding period last year. Non-oil import during July 2015, at $26.46 billion, was 3.8 per cent higher than non-oil imports worth $25.49 billion in July 2014.
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