As exports fall, TEA appeals for Govt intervention
There is bad news for the country’s exporters. India’s exports during August 2015 were valued at $21266.31 million which was 20.66 per cent lower in dollar terms than the level of $26803.48 million during August 2014, the Commerce and Industry Ministry said in a statement.
Cumulative value of exports for the period April-August 2015-16 was $111094.47 million as against $132529.64 million registering a negative growth of 16.17 per cent in dollar terms over the same period last year.
Imports during August 2015 were valued at $33744.28 million which was 9.95 per cent lower in dollar terms over the level of imports valued at $37472.78 million in August 2014. Cumulative value of imports for the period April-August 2015-16 was $168610.56 million as against $190747.68 million registering a negative growth of 11.61 per cent in dollar terms over the same period last year, the statement said.
Oil imports during August 2015 were valued at $7357.47 million which was 42.59 per cent lower than oil imports of $12814.77 million in the corresponding period last year. Oil imports during April-August, 2015-16 were valued at $41502.37 million which was 38.79 per cent lower than the oil imports of $67805.81 million in the corresponding period last year.
Non-oil imports during August 2015 were estimated at $26386.81 million which was 7.01 per cent higher than non-oil imports of $24658.01 million in August, 2014. Non-oil imports during April-August, 2015-16 were valued at $127108.19 million which was 3.39 per cent higher than the level of such imports valued at $122941.87 million in April-August, 2014-15.
The trade deficit for April-August 2015-16 was estimated at $57516.09 million which was lower than the deficit of $58218.04 million during April-August 2014-15.
The latest export figures have rattled the Tirupur Exporters Association (TEA). In a press release, TEA President Dr. A Sakthivel said the all India readymade garments exports, including Tirupur knitwear exports has declined by 7.3 per cent in August compared to the corresponding month of last year 2014-15.
He said there is an urgent need to implement pending measures like 3 per cent Interest Subvention on Packing Credit, reduction of bank interest rates, refund of Duty Drawback Rate without delay, improvement in the infrastructure of road and port, 24x7 operation in ports for all shipping bills, refund of TUFs Interest subsidy to arrest the downfall and restore the growth of exports,
He appealed to the Central Government to expedite the measures on urgent basis.
Dr.A.Sakthivel pointed out that India’s competitiveness in textile and clothing exports has come down further due to the devaluation of the Chinese currency. He said that the employment intensive RMG sector should be given thrust to increase exports and employment.
Fibre2Fashion News Desk – India