India's merchandise exports fall by 15 percent in February

India's merchandise exports fell by 15.02 percent at $21.54 billion in February from $25.35 billion in the corresponding month of 2014, causing concern in the Indian industry.

"Double-digit decline in exports for last two consecutive months is a cause of worry. It is an indication that we would not be able to achieve this year's export target," said Arbind Prasad, director general, Federation of Indian Chambers of Commerce and Industry (FICCI).

The trade deficit in the month under review fell to $6.84 billion, from $8.31 billion in the corresponding month of 2014, representing a 15.8 percent fall on account of lower crude oil prices.

The trade deficit for April-February, 2014-15 was estimated at $125.22 billion which was higher than the deficit of $124.84 billion during April-February, 2013-14.

Imports during February were valued at $28.39 billion -- down 15.65 percent as compared to $33.66 billion-worth in the corresponding month a year ago.

Oil imports during February were valued at $6.101 billion, 55.49 percent lower than in the corresponding month of last year at $13.706 billion.

Oil imports during April-February, 2014-15, totalled $130.84 billion, down 12.24 percent from the corresponding period of the previous fiscal, the commerce ministry data showed.

Cumulative value of exports during April-February 2014-15 was $286.58 billion, which is 0.88 percent higher over the same period last year at $284.07 billion.