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India’s exports fall 13.6% in January on weak global demand

by ChemOrbis Editorial Team -
  • 16/02/2016 (11:08)
According to media reports, data from India’s Ministry of Commerce and Industry revealed that the country’s exports fell 13.6% to $21.07 billion in January compared with $24.39 billion in the same month of 2015, posting the fourteenth straight monthly decline.

Imports also posted a larger decrease of 11% on the year to $28.71 billion in January, bringing India’s trade deficit to $7.64 billion in January from $7.87 billion a year earlier. This was led by lower demand for imported crude oil and a decrease in imported commodity prices.

In January, oil imports declined 39% year over year to $5.02 billion while non-oil imports also dipped by 1.4% to $23.68 billion. Overseas shipments of petroleum products slumped 35.18% to $1.95 billion in January while gold imports surged 85.16% to $2.91 billion in January compared with $1.57 billion in the same month of the previous year.

In the April-January period of the current Indian year, exports declined by 17.65% to $217.67 billion compared to $264.32 billion in the same period of the previous financial year while imports slid 15.46% to $324.52 billion. In this period, India’s trade deficit was reported at $106.8 billion.
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