Exports declined 3.15 per cent in March, limiting the growth rate for 2013-14 to about 4 per cent and falling short of the annual target by about $13 billion even as the trade deficit improved on shrinking gold imports.
According to exporters, outbound shipments were affected by both domestic and global factors. 'Manufacturing is declining. About Rs 20,000 crore is held up with the revenue department as they are not clearing our refunds. It has impacted exports adversely. Global demand situation is also not very healthy,' Federation of Indian Export Organisations (FIEO) President Rafeeq Ahmed said.He expressed hope that exports would improve in the coming months.
India's exports grew 3.98 per cent to $312.35 billion in 2013-14, while imports dipped 8.11 per cent to $450.94 billion, narrowing the trade deficit to $138.59 billion, according to data from the Ministry of Commerce and Industry.
A drop in gold and silver imports helped to shrink the trade gap. Overseas purchases of the precious metals dropped 40 per cent to $33.46 billion in 2013-14. The trade deficit in FY13 stood at $190.33 billion.
The trade deficit in February was at $10.5 billion compared with $10.4 billion in March 2013. The country's merchandise exports in 2013-14 fell short of the target of $325 billion set by the government and were higher than $300.4 billion in 2012-13. Oil imports in March increased 17.7 per cent to $15.78 billion. In 2013-14, oil imports grew 2.2 per cent to $167.62 billion. Sectors that contribute significantly to the country’s exports recorded lower growth in 2013-14. Gems and jewellery exports declined 8.82 per cent to $39.52 billion. Petroleum exports, which account for about 20 per cent of India’s outward shipments, dipped 0.01 per cent to $60.85 billion in 2013-14.
Exports of electronic goods fell 5.87 per cent to $7.58 billion. However, pharma and engineering exports registered growth of 1.2 per cent and 8.49 per cent, respectively, to $14.84 billion and $61.61 billion.
Ready-made garment shipments registered a growth of 15.58 per cent to $14.94 billion. To boost exports, Ahmed said the government should focus on areas such as services, e-commerce, hi-tech products and branded goods.
According to exporters, outbound shipments were affected by both domestic and global factors. 'Manufacturing is declining. About Rs 20,000 crore is held up with the revenue department as they are not clearing our refunds. It has impacted exports adversely. Global demand situation is also not very healthy,' Federation of Indian Export Organisations (FIEO) President Rafeeq Ahmed said.He expressed hope that exports would improve in the coming months.
India's exports grew 3.98 per cent to $312.35 billion in 2013-14, while imports dipped 8.11 per cent to $450.94 billion, narrowing the trade deficit to $138.59 billion, according to data from the Ministry of Commerce and Industry.
A drop in gold and silver imports helped to shrink the trade gap. Overseas purchases of the precious metals dropped 40 per cent to $33.46 billion in 2013-14. The trade deficit in FY13 stood at $190.33 billion.
The trade deficit in February was at $10.5 billion compared with $10.4 billion in March 2013. The country's merchandise exports in 2013-14 fell short of the target of $325 billion set by the government and were higher than $300.4 billion in 2012-13. Oil imports in March increased 17.7 per cent to $15.78 billion. In 2013-14, oil imports grew 2.2 per cent to $167.62 billion. Sectors that contribute significantly to the country’s exports recorded lower growth in 2013-14. Gems and jewellery exports declined 8.82 per cent to $39.52 billion. Petroleum exports, which account for about 20 per cent of India’s outward shipments, dipped 0.01 per cent to $60.85 billion in 2013-14.
Exports of electronic goods fell 5.87 per cent to $7.58 billion. However, pharma and engineering exports registered growth of 1.2 per cent and 8.49 per cent, respectively, to $14.84 billion and $61.61 billion.
Ready-made garment shipments registered a growth of 15.58 per cent to $14.94 billion. To boost exports, Ahmed said the government should focus on areas such as services, e-commerce, hi-tech products and branded goods.