ID :
68627
Thu, 07/02/2009 - 13:06
Auther :
Shortlink :
https://www.oananews.org//node/68627
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Exports decline by 29.2%; imports by 39.2% in May
New Delhi, July 1 (PTI) India's exports fell for the
eighth month in a row in May, this time by 29.2 per cent, due
to global downturn, while imports dropped by 39.2 per cent,
reflecting slowdown in domestic consumption.
As the country's total imports, largely influenced by a
whopping decline of 60.6 per cent in oil imports, showed a
faster pace of contraction than exports, the trade deficit
more than halved to USD 5.20 billion in May 2009-10 from USD
11.13 billion in the same month last fiscal.
Exports dropped to USD 11.01 billion in May from USD
15.55 billion in the same month last year, according to the
government data released today.
"It is not surprising (decline in exports)... this
reflects recession in global economies," Chief Economist of
rating agency CRISIL Subir Gokarn said.
Federation of Indian Export Organisations (FIEO)
President A Sakthivel said that the decline would be arrested
by September and from October figures would be positive.
"Overall exports will be in the range of USD 175-180
billion during the fiscal ... we would see double-digit growth
from January 2010 onwards," Sakthivel said.
Exports during the April-May period dipped by 31.2 per
cent to USD 21.75 billion from the cumulative shipments of USD
31.62 billion in the first two months of the previous fiscal.
Imports dipped to USD 16.21 billion in May from USD 26.68
billion over the year-ago period. Imports during the first two
months of the current fiscal were USD 31.95 billion against
USD 51.50 billion.
The trade deficit during April-May 2009-10 was USD 10.20
billion against USD 19.88 billion.
Oil imports during May 2009 plunged by 60.6 per cent to
USD 4.13 billion from USD 10.49 billion in the corresponding
period of the previous year. Non-oil imports during the month
declined by 25.4 per cent to USD 12.07 billion from USD 16.18
billion.
During April-May 2009-10, oil and non-oil imports dipped
to USD 7.76 billion and USD 24.19 billion, respectively,
compared to the same period in the previous year.
Oil and non-oil imports in April-May 2008-09 were USD
19.24 billion and USD 32.26 billion respectively.
Overseas shipments grew by a meagre 3.4 per cent to USD
168.7 billion in 2008-09 after the global slowdown began to
pinch in the second half of the previous fiscal. PTI
eighth month in a row in May, this time by 29.2 per cent, due
to global downturn, while imports dropped by 39.2 per cent,
reflecting slowdown in domestic consumption.
As the country's total imports, largely influenced by a
whopping decline of 60.6 per cent in oil imports, showed a
faster pace of contraction than exports, the trade deficit
more than halved to USD 5.20 billion in May 2009-10 from USD
11.13 billion in the same month last fiscal.
Exports dropped to USD 11.01 billion in May from USD
15.55 billion in the same month last year, according to the
government data released today.
"It is not surprising (decline in exports)... this
reflects recession in global economies," Chief Economist of
rating agency CRISIL Subir Gokarn said.
Federation of Indian Export Organisations (FIEO)
President A Sakthivel said that the decline would be arrested
by September and from October figures would be positive.
"Overall exports will be in the range of USD 175-180
billion during the fiscal ... we would see double-digit growth
from January 2010 onwards," Sakthivel said.
Exports during the April-May period dipped by 31.2 per
cent to USD 21.75 billion from the cumulative shipments of USD
31.62 billion in the first two months of the previous fiscal.
Imports dipped to USD 16.21 billion in May from USD 26.68
billion over the year-ago period. Imports during the first two
months of the current fiscal were USD 31.95 billion against
USD 51.50 billion.
The trade deficit during April-May 2009-10 was USD 10.20
billion against USD 19.88 billion.
Oil imports during May 2009 plunged by 60.6 per cent to
USD 4.13 billion from USD 10.49 billion in the corresponding
period of the previous year. Non-oil imports during the month
declined by 25.4 per cent to USD 12.07 billion from USD 16.18
billion.
During April-May 2009-10, oil and non-oil imports dipped
to USD 7.76 billion and USD 24.19 billion, respectively,
compared to the same period in the previous year.
Oil and non-oil imports in April-May 2008-09 were USD
19.24 billion and USD 32.26 billion respectively.
Overseas shipments grew by a meagre 3.4 per cent to USD
168.7 billion in 2008-09 after the global slowdown began to
pinch in the second half of the previous fiscal. PTI
