Exports dip 14.75% in December amid global demand slowdown

According to the data released by the Commerce Ministry, exports tapered for 13th month in a row in December 2015 as outward shipments contracted 14.75 per cent to USD 22.2 billion amid a global demand slowdown. As per the data, imports also plummeted 3.88 per cent to USD 33.9 billion in December over the same month previous year. Trade deficit during the month under review widened to USD 11.6 billion as against USD 9.17 billion in December 2014. Commenting on the issue, a Commerce Ministry Official told the media, “During April-December period of the current fiscal, exports dipped 18 per cent to USD196.6 billion as compared to USD 239.9 billion in the same period of the previous fiscal.” “The main export sectors including engineering, petroleum products and gems and jewellery have recorded negative growth in December, 2015,” he added. As per the data, gold imports in December also more than doubled to USD 3.80 billion as compared to USD 1.36 billion in the year-ago period.