NEW DELHI: Owing to slump in global demand, exports of top five sectors including engineering and petroleum fell by about 31 per cent to $13.6 billion in September, 2015 as against $19.7 billion last year.
Exports account for over 65 per cent of the total merchandise exports in 2014-15, as per the latest data available with the Ministry of Commerce.
Pharmaceuticals sector emerged as the lone star having registered a growth of 9 per cent in September, while other sectors like textiles, gems and jewellery witnessed a de-growth.
For instance, engineering exports nose-dived -22.81 per cent, petroleum -60.35 per cent, textiles -12 per cent and gems and jewellery -18.81 per cent de-growth during September, according to the provisional from the Ministry.
During the last fiscal, exports of these segments stood at $202.15 billion, while total exports stood at $310.5 billion.
The Federation of Indian Export Organisations (FIEO), expressing concerns over continuous fall in exports, said the government should immediately announce steps like extending interest subsidy benefits to contain sliding exports. As a result of the continuous decline in exports, India’s overall merchandise exports have been affected for sometime now.
Contracting for the 10th month in a row, India’s merchandise exports dipped 24.33 per cent in September to $21.84 billion, mainly due to steep decline in shipments of petroleum products, iron ore, and engineering goods amid tepid global demand.
The decline in exports is also expected to impact jobs and put pressure on the current account deficit.
It is in this context that the Parliamentary Consultative Committee of the Ministry of Commerce and Industry held a meeting in Goa recently to review India’s exports performance, where Commerce Minister Nirmala Sitharaman highlighted concerns that China was making efforts to stall India’s exports through non-tariff barriers such as phytosanitary stipulations and standardisation issues.
The total exports in the past four financial years have been hovering at about $300 billion.
