Exports fall in March, drop for second month running
Updated: Apr 11, 2014 03:01:30pm
New Delhi, Apr 11 (KNN) Merchandise exports fell in March, for the second month in a row reflecting the constraints of slowing manufacturing sector with a significant presence of the MSME sector.
In March exports contracted by 3.15 per cent to USD 29.57 billion and imports fell by 2.11 per cent to USD 40 billion as compared to the same period last year.
Trade deficit during the month was at USD 10.5 billion as against USD 10.4 billion in March 2013.
However, the total exports grew by 3.98 per cent to USD 312.35 billion for the financial year 2013-14 while imports fell by 8.11 per cent during the period.
Imports declined to USD 450.94 billion, narrowing the trade deficit to USD 138.59 billion in the last fiscal, according to official trade data.
The MSME sector accounts for around 45 per cent of total manufacturing output and 43 per cent of total exports of the country. MSME exports mainly consist of pearls, precious stones, metals, electrical, electronic equipment, pharmaceutical products, organic chemicals and articles of iron and steel, among others.
Fall in overall imports, despite a sharp increase in gold imports, was mostly due to a sluggish manufacturing sector.
In FY 2012-13, the country's merchandise exports had aggregated at USD 300.4 billion. The overall shipments in 2013-14 fell short of the target of USD 325 billion fixed by the government for the period. (KNN/SD)
In March exports contracted by 3.15 per cent to USD 29.57 billion and imports fell by 2.11 per cent to USD 40 billion as compared to the same period last year.
Trade deficit during the month was at USD 10.5 billion as against USD 10.4 billion in March 2013.
However, the total exports grew by 3.98 per cent to USD 312.35 billion for the financial year 2013-14 while imports fell by 8.11 per cent during the period.
Imports declined to USD 450.94 billion, narrowing the trade deficit to USD 138.59 billion in the last fiscal, according to official trade data.
The MSME sector accounts for around 45 per cent of total manufacturing output and 43 per cent of total exports of the country. MSME exports mainly consist of pearls, precious stones, metals, electrical, electronic equipment, pharmaceutical products, organic chemicals and articles of iron and steel, among others.
Fall in overall imports, despite a sharp increase in gold imports, was mostly due to a sluggish manufacturing sector.
In FY 2012-13, the country's merchandise exports had aggregated at USD 300.4 billion. The overall shipments in 2013-14 fell short of the target of USD 325 billion fixed by the government for the period. (KNN/SD)
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