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Negative growth in exports a grave concern for India

Date: 19-05-2015
Subject: Negative growth in exports a grave concern for India
India’s merchandise trade data released on Friday shows that the negative growth in exports is continuing since December, 2014 though the decline has come down from 21% in March, 2015 to 14% in April, 2015.

The prime reason continues to be softening of crude, metal and commodity prices. Petroleum exports is still showing a decline of 46.5% which itself is responsible for an overall decline of 9%, as the sector used to contribute to 20% of country’s exports.

Decline in exports of rice, marine products, meat, dairy & poultry products, leather & leather products are of equal consequences as these sectors have shown great promise in the past. Equally worrying is negative growth in Gems & Jewellery, Electronics and Plastic goods as domestic capabilities are being augmented in these sectors.

S C Ralhan, president, FIEO, said while country-wise exports figure for April are not available, India’s exports to countries dependent on oil, metal and commodities exports may have taken a hit as they reduced their appetite for imports with tighter capital control.

The president said that while trade deficit has gone up marginally from $10.08 billion to $10.99 billion in April, 2015 as compared to the same month last year but a closer analysis of non-oil imports is required to see the constituent of imports as higher imports of raw-materials and capital goods may indicate little revival in manufacturing.

Ralhan said that the Interest Subvention Scheme may be re-introduced immediately and liquidity crunch of the exporters may be addressed with timely release of the exports benefits.

Source : hellenicshippingnews.com

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