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Feb exports drop 15%; trade deficit at 17-month low

Feb exports drop 15%; trade deficit at 17-month low
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Falling for the straight third month, India’s exports declined steeply by over 15 per cent to $ 21.54 billion in February, even as trade deficit narrowed to $ 6.85 billion. The decline in outbound shipments has been mainly on account of weak global demand. The fall in imports by 15.66 per cent to $ 28.39 billion has led to improvement in the trade deficit figures which declined to 17-month low of $ 6.84 billion in February.

The deficit, which reflects higher imports than exports, was $ 8.32 billion in January. “Contraction in global demand, lowering of prices of metal and commodities as well as volatility in currencies are largely responsible for such dismal performance,” exporters’ body FIEO President M Rafeeque Ahmed said. Cumulative value of exports during April-February 2014-15 was $ 286.58 billion, as against $ 284.07 billion, up 0.88 per cent, over the same period last year.
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