New Delhi, May 16 (KNN) All major exporting sectors of India including petroleum products, gems and jewellery and man-made yarn and fabrics, reported negative growth in April 2015 over April 2014, leading to shrinking of India’s exports by about 14% to $22 billion, registering a contraction for fifth straight month.
 
According to the commerce ministry, the reason for the slump in exports is due to global slowdown leading to less demand for exportable goods, decline in crude oil prices causing lesser realisation from the export and rupee appreciation making Indian products costlier.
 
The decline show a continuous trend as the last time exports registered a positive growth was in November last year when it recorded 7.27% expansion.
 
Imports also declined year on year, in April, by 7.48% to $33 billion, leaving a trade deficit of $11 billion in the month under review,
 
However, while the Oil imports dipped 42.65% during April to $7.44 billion, non-oil imports grew by 12.58% to $25.6 billion.
 
Highest growth in Import was shown by gold, which surged by 78.33% to $3.13 billion as against $1.75 billion in the month under review.
 
In March, country's exports contracted by 21%, the biggest fall in the past six years.
 
India has missed the annual exports target of $340 billion for 2014-15. Last year, exports stood at $310.5 billion. (KNN/DB)