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Exports dip for fourth consecutive month

NEW DELHI: Continuing with the downslide in view of the global recession and economic slowdown, especially in Europe and U.S., India’s exports declined by 15.9 per cent in January over the year-ago period, posting contraction for the fourth consecutive month.

Imports also registered a fall of 18.2 per cent for the first time in the current fiscal.According to official figures released here on Monday, exports dropped to $12.38 billion in January from $14.71 billion a year ago, while imports dipped, for the first time this fiscal, to $18.45 billion from $22.5 billion, leaving a monthly trade deficit of about $6.07 billion. Exports contracted by 12.1 per cent to $12.8 billion in October 2008, showing a negative trend for the first time in the last five years.

For April-January 2008-09, the country’s cumulative exports grew by 13.2 per cent to $144.26 billion.

Growth for the first half of the fiscal was 30.9 per cent.

Imports during the first ten months of the current fiscal went up by 25.3 per cent to $243.35 billion. With the U.S. and several European countries slipping into recession, Indian exporters have run into difficult times, especially since October when the first negative growth in exports was recorded. Indicating the deepening of the economic downturn, country’s imports of industrial goods and other non-oil items declined for the first time in the current fiscal in January.

Non-oil imports in January were estimated at $13.99 billion, 0.5 per cent lower than non-oil imports of $14.06 billion in January 2008, according to official figures.

Non-oil imports during April-January in 2008-09, however, were up by 21.9 per cent to $161.10 billion.

Oil imports are declining in the past several months primarily on account of falling prices of crude oil in the global markets.

As per the January data, oil imports dropped by 47.5 per cent during the month though during the first ten months of the current fiscal oil imports showed an increase of 32.4 per cent.

This rise in oil bill in the initial months of the current fiscal can be attributed to higher prices of crude oil in the international market. The trade deficit for the period has mounted to $99 billion.

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