Exports continues to decline for seventh straight month in June 2015
India's merchandise exports dipped 15.8% to US$ 22.29 billion in June 2015 over a year ago, recording decline for the seventh straight month. Meanwhile, merchandise imports declined 13.4% to US$ 33.12 billion. The trade deficit narrowed 8% to US$ 10.83 billion in June 2015 from US$ 11.76 billion in June 2014.Oil imports plunged 35% to US$ 8.68 billion, while non-oil imports also declined 1.8% to US$ 24.44 billion in June 2015 over June 2014. The share of oil imports in total imports was 26.2% in June 2015, showing sharp decline from 34.9% in June 2014. India's basket of crude oil plunged 43.4% to US$ 61.75 per barrel in June 2015 over June 2014.
Among the non-oil imports, the major contributors to the overall decline in imports were gold 37% to US$ 1.97 billion, coal 19% to US$ 1.23 billion, chemicals 5% to US$ 1.57 billion, pearls and precious stones 3% to US$ 2.07 billion, machine tools 16% to US$ 0.22 billion and iron & steel 2% to US$ 1.24 billion. On the other hand, the imports have increased for fertilizers 61% to US$ 0.92 billion, electronic goods 9% to US$ 3.15 billion, pulses 66% to US$ 0.33 billion, machinery 5% to US$ 2.26 billion, vegetable oil 8% to US$ 0.77 billion, and artificial resins and plastic 3% to US$ 1.04 billion in June 2015.
On exports front, the exports dipped sharply for petroleum products by 53% to US$ 2.89 billion, engineering goods 6% to US$ 5.1 billion, rice 27% to US$ 0.55 billion and chemicals 1% to US$ 1.06 billion. However, the exports improved for gems & jewellery 6% to US$ 3.53 billion, ready made garment 11% to US$ 1.58 billion, drug and pharmaceuticals 11% to US$ 1.41 billion, and cotton yarn & fabrics 4% to US$ 0.83 billion in June 2015.
Merchandise exports in rupees declined 10% to Rs 142342 crore, while imports fell 7.4% to Rs 211485 crore in June 2015 over June 2014. The trade deficit narrowed slightly to Rs 69143 crore in June 2015 compared with Rs 70263 crore in June 2014.
India's merchandise exports dipped 16.8% to US$ 66.69 billion, while merchandise imports fell 12.6% to US$ 98.92 billion in April-June 2015. The decline in imports was driven by a 39.5% plunge in oil imports to US$ 24.66 billion. India's merchandise trade deficit declined to US$ 32.23 billion in April-June 2015 from US$ 33.08 billion in April-June 2014.
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