Goods exports from India declined for the thirteenth consecutive month in December 2015 falling 14.75 per cent to $22.29 billion, compared to last December, as the turmoil in the Chinese economy and a continued slowdown in the global market shrunk demand.
The trade deficit during the month widened to $11.66 billion as imports declined at a lower 3.88 per cent to $33.96 billion. Non-oil imports, in fact, increased in December 2015 by 7.63 per cent to $27.30 billion, with a near trebling of gold imports to $3.80 billion.
“The trend of falling exports is in tandem with other major world economies such as the US, the European Union and China where exports have fallen by 10.30 per cent, 10.83 per cent and 6.94 per cent respectively in October 2015,” according to a Commerce Ministry release.
Fall in exports in India in December is spread across all major sectors including engineering goods, petroleum products, gems & jewellery, leather, rice and cereals, cotton and handloom, and meat and dairy products.
There was, however, an increase in export of items such as readymade garments, handicrafts, carpets, fruits & vegetables, pharmaceuticals, tea and coffee.
Oil imports during December 2015, at $6.65 billion, was 33.19 per cent lower than oil imports in the corresponding period last year.
Total exports in the period April-December 2015-16 declined 18.06 per cent to $196.60 billion compared to the same period in the previous fiscal.
The cumulative value of imports for the period April-December 2015-16 fell 15.87 per cent to $295.81 billion compared to the same period last year.
The trade deficit for April-December 2015-16 estimated at $99.20 billion was lower than the deficit of $111.68 billion during the same period of 2014-15.