Exports fall for 16th straight month in March 20/04/2016

Exports fall for 16th straight month in March 20/04/2016

Exports declined continuously for the 16th month in March, contracted by 5.47 per cent to USD 22.71 billion weighed down by sharp fall in shipments of petroleum & engineering products amid tepid global demand, as per the media reports. For the full FY 2015-16 ended March 31, exports shrunk by 15.8 per cent to 5-year low of USD 261.13 billion mainly on account of fragile global demand and low commodity prices, said the PTI report. Imports fell by 15.28 per cent to USD 379.6 billion in 2015-16, leaving a trade deficit of USD 118.45 billion. The trade gap was USD 137.69 billion in 2014-15. The levels of exports and imports are the lowest since 2010-11. Exports and imports were at USD 245.86 billion and USD 350.69 billion, respectively, in 2010-11, added the media reports. Also, trade deficit in the last month of 2015-16 fiscal fell to 5-year low of USD 5.07 billion as imports dropped 21.56 per cent to USD 27.7 billion in the month. Trade deficit was at USD 2.63 billion in December 2010. The Commerce Ministry, however, said the trend of falling exports is in tandem with other major world economies. But industry experts termed trade figures as alarming and demanded immediate steps to boost exports. “The figures are alarming. Immediate steps like creating of a fund to enhance marketing activities need to be announced,” Rafeeq Ahmed, former FIEO President and Chairman of Council for Leather Exports, said. In March, overseas shipments of petroleum products shrank 21.43 per cent to USD 2.07 billion, while that of engineering goods declined by 11.29 per cent to USD 5.34 billion.