Source: Economic Times
India’s exports grew marginally by 0.88 per cent to USD 286.58 billion during the April- February period of the current fiscal, government said today.
India’s merchandise exports was USD 284.07 billion in the same period in the previous year and “there has been a marginal increase of 0.88 per cent in exports during April- February. … The downward trend is muted,” Minister of State for Commerce and Industry Nirmala Sitharaman said during the Question Hour in Rajya Sabha.
Replying to a supplementary, she said the government was taking several steps to raise the export kitty further.
India’s imports during April-February also went up by 0.70 per cent to USD 411.80 billion, Sitharaman said.
The export of main commodities or sectors that have registered a decline during the April-February period of 2014-15 as compared to the same period last year were petroleum products, gems and jewellery, electronic goods, spices, iron ore, tobacco and tea among others.
The Minister said primary reasons for decline in exports are muted global demand, stagnation and deflation problem in the European Union and fall in the prices of crude oil.
The fall in global demand was due to the slowing down of world trade, while the fall in global crude oil prices had led to a decline in exports of petro products which contribute around 19 per cent of India’s total exports.
“EU countries, which account for nearly 16 per cent of India’s exports are facing problems of stagnation and deflation. The appreciation of Rupee against the Euro has also adversely impacted India’s export to EU countries,” she said.