Export growth slows to 6 month low of 3.49 pc in December

Export growth eased to a six-month low of 3.49 per cent in December mainly due to a fall in the shipment of petroleum goods.

"It is only one product group which has contributed to (slower growth in exports) and that is petroleum products. There has been an unplanned maintenance shutdown in one of our largest exporters of the country - Reliance Industries," Commerce Secretary S R Rao said today.

India's exports stood at $26.3 billion in December compared with $25.4 billion in the same month of 2012. Petroleum exports, which contribute significantly to the country's trade basket, declined 16 per cent last month.

However, a 15.25 per cent decline in imports to $36.4 billion, particularly in gold and silver shipments, helped to narrow the trade deficit to $10.1 billion in December. In November, the trade gap was $9.21 billion.

Inward shipments of gold and silver dipped 68.8 per cent to $1.77 billion from $5.6 billion in December last year, although they were higher than $1.05 billion in November.

Oil imports grew 1.1 per cent to $13.89 billion during the month.

Rao said that barring petroleum products, all other sectors such as engineering, textiles and chemicals have shown reasonable healthy growth.

Commenting on the figures, Rafeeq Ahmed, President of the Federation of Indian Export Organisations, said efforts are required to keep export growth in double-digits.

During April-December, exports aggregated $230.3 billion and imports $340.3 billion, while the trade deficit was about $110 billion.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Copy the characters (respecting upper/lower case) from the image.

EDITORIAL OF THE DAY

  • Time and tide are ripe for megaplans such as Sagarmala

    To say that India’s infrastructure is in urgent need of upgrade would be to state the obvious.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Urs Schoettli

China looks to India for balance

Almost a third of the total world population lives in ...

Zehra Naqvi

Love and its stories

People must have bread. They can live without stories. No, Hameeda, ...

Dharmendra Khandal

Tiger in urban landscape

Ranthambhore is in a no-win situation. Just a few days ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture