Thursday, 11 October 2012

Trade blues continue: Sept exports fall 10.78%

Trade blues continue: Sept exports fall 10.78%
Clean Media Correspondent

NEW DELHI, OCT 11 (CMC) India’s exports have dipped 10.78 per cent to $23.69 billion in September 2012 compared with $26.56 billion in the same period a year ago.

Imports grew by five per cent to $41.77 billion from $39.75 billion in September 2011, resulting in a trade deficit of $18 billion for the month.

In the April-September period, exports fell by 6.79 per cent to $143.6 billion from $154.1 billion in the same period last year.

During this period, imports contracted by 4.36 per cent to $232.92 billion. Trade deficit during the period stood at $89.25 billion.

Oil imports during September increased 30.74 per cent to $14.09 billion from $10.77 billion in the corresponding period last year. Oil imports during April-September 2012-13 grew by 6.78 per cent to $80.78 billion.

Non-oil imports during the month under review dipped 4.46 per cent to $27.68 billion. During the first six months of the fiscal, the imports contracted by 9.38 per cent to $152.14 billion.

Meanwhile, the Federation of Indian Export Organisations (FIEO) has said that the fall in exports for the April-September period is in line with global demand.

Reacting to the trade data released by the Government, M. Rafeeque Ahmed, President, FIEO, said even the WTO has revised its forecast downwards for global trade for 2012 from 3.5 per cent earlier to 2.7 per cent.

The FIEO chief also said that the cost of credit is still a cause of concern for the export sector and a general reduction in the interest rate would benefit manufacturing as well as exports.

He urged the Government to consider lowering of interest rates as top priority to give a boost to exports.

Keywords: Exports decline 11 per cent in September, exports in September at $23.69 billion, imports in September up 5 per cent, September imports at $41.77 billion, economic growth down, exports during April-September down 6.79 per cent, imports during April-September down 4.36 per cent, oil imports during September up 30.74 per cent, non-oil imports down 4.46 per cent

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