ID :
58594
Sat, 05/02/2009 - 00:07
Auther :
Shortlink :
https://www.oananews.org//node/58594
The shortlink copeid
Exports plunge in March; imports drop mainly on low oil prices
New Delhi, May 1 (PTI) India's exports plunged 33.3 per
cent in March, the most in over a decade, as reduction in
demand for merchandise since October 2008 in major markets of
the world wiped out earlier gains.
With external shipments contracting for six months in
a row, the country's exports aggregated USD 168.70 billion
in fiscal 2008-09, managing a paltry growth rate of 3.4 per
cent. Exports dropped to USD 11.51 billion in March from USD
17.25 billion a year ago.
As global crude oil prices fell sharply in the second
half of the last financial year, oil inflows saw a sharp
decline of over 58 per cent, while non-oil imports dropped by
18.9 per cent in March. The trade deficit also declined to USD
4.04 billion from USD 6.32 billion.
However, growth in imports worked out to 14.3 per cent at
USD 287.75 billion in 2008-09. The last fiscal closed with a
trade gap of USD 119.05 billion.
Exporters and economists feel it would take a few more
months before the contraction bottoms out. Exporters sound
more positive than economists for the current fiscal.
"Inventories in Europe will be over by August,"
Federation of Indian Export Organisations President A
Sakthivel said. However, ICRIER Director Rajiv Kumar said, "We
will be lucky if we can retain the (2008-09 level) of
exports."
Industry body, Federation of Indian Chambers of Commerce
and Industry (FICCI), said the figures reflect the weak demand
in the economy.
"The fall in non-oil imports during January-March
2008-09, if concentrated in the areas of machinery, equipments
and project goods, would entail slowdown in industrial
production," Ficci President Harsh Pati Singhania said.
Meanwhile, rating agency CRISIL Principal Economist D K
Joshi said that in the current financial year exports would
grow at around five per cent.
"In 2009-10, exports are not likely to show growth of
more than five per cent on year-on-year basis," Joshi said.
Non-oil imports in March stood at USD 11.75 billion
compared to USD 14.49 billion in March 2008, while oil imports
was USD 3.80 billion from USD 9.07 billion.
India's oil imports during 2008-09 grew by 16.9 per cent
to USD 93.17 billion compared to USD 79.71 billion during the
previous fiscal.
Non-oil imports during April-March 2008-09 went up by
13.2 per cent to USD 194.58 billion from USD 171.94 billion.
PTI
cent in March, the most in over a decade, as reduction in
demand for merchandise since October 2008 in major markets of
the world wiped out earlier gains.
With external shipments contracting for six months in
a row, the country's exports aggregated USD 168.70 billion
in fiscal 2008-09, managing a paltry growth rate of 3.4 per
cent. Exports dropped to USD 11.51 billion in March from USD
17.25 billion a year ago.
As global crude oil prices fell sharply in the second
half of the last financial year, oil inflows saw a sharp
decline of over 58 per cent, while non-oil imports dropped by
18.9 per cent in March. The trade deficit also declined to USD
4.04 billion from USD 6.32 billion.
However, growth in imports worked out to 14.3 per cent at
USD 287.75 billion in 2008-09. The last fiscal closed with a
trade gap of USD 119.05 billion.
Exporters and economists feel it would take a few more
months before the contraction bottoms out. Exporters sound
more positive than economists for the current fiscal.
"Inventories in Europe will be over by August,"
Federation of Indian Export Organisations President A
Sakthivel said. However, ICRIER Director Rajiv Kumar said, "We
will be lucky if we can retain the (2008-09 level) of
exports."
Industry body, Federation of Indian Chambers of Commerce
and Industry (FICCI), said the figures reflect the weak demand
in the economy.
"The fall in non-oil imports during January-March
2008-09, if concentrated in the areas of machinery, equipments
and project goods, would entail slowdown in industrial
production," Ficci President Harsh Pati Singhania said.
Meanwhile, rating agency CRISIL Principal Economist D K
Joshi said that in the current financial year exports would
grow at around five per cent.
"In 2009-10, exports are not likely to show growth of
more than five per cent on year-on-year basis," Joshi said.
Non-oil imports in March stood at USD 11.75 billion
compared to USD 14.49 billion in March 2008, while oil imports
was USD 3.80 billion from USD 9.07 billion.
India's oil imports during 2008-09 grew by 16.9 per cent
to USD 93.17 billion compared to USD 79.71 billion during the
previous fiscal.
Non-oil imports during April-March 2008-09 went up by
13.2 per cent to USD 194.58 billion from USD 171.94 billion.
PTI
