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India's exports take a 16% hit in FY2016
19
Apr '16
India's merchandise exports continued to decline for the 16th straight month at 5.47 per cent to $22.72 billion in March 2016 against $24.03 billion in March 2015. Merchandise imports also fell 21.6 per cent to $27.79 billion. The trade deficit narrowed 55.5 per cent to $5.07 billion in March 2016 from $11.40 billion in March 2015, according to a Commerce Ministry statement.

In FY 2016, India's merchandise exports declined 15.9 per cent to $261.14 billion, while merchandise imports fell 15.3 per cent to $379.60 billion. The decline in imports was driven by a 40.2 per cent plunge in oil imports to $82.66 billion. India's merchandise trade deficit declined to $118.46 billion in April-March 2016 from $137.69 billion in April-March 2015.

The Commerce Ministry said the trend of falling exports is in tandem with other major world economies.

Readymade garment export fell 4.1 per cent to $3.49 billion while cotton yarn and fabrics 8.7 per cent to $0.40 billion. The export of man-made yarn/fabrics dipped 8.7 per cent to $0.54 billion. (SH)

Fibre2Fashion News Desk – India

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