Exports decline 22% in Feb, imports down 23%

India's merchandise exports dipped 21.7 per cent in February, 2009 and stood at $11.91 billion, as compared to $15.22 billion in the corresponding a year ago. In rupee terms, exports dipped three per cent and stood at Rs 58,685 crore, as compared to Rs 60,476 crore in the same period last year.

Exports in dollar terms have been contracting since October, 2008. Commerce Ministry had revised the export target for 2008-09 to $175 billion from $200 billion  as demand in overseas markets came down.

Imports during the same month also contracted 23.3 per cent and stood at $16.82 billion, as against $21.93 billion in the same month of 2008.

Trade deficit in February this year stood at $4.91 billion, which is 26.83 per cent lesser than $6.71 billion seen in the same period last year.

Oil Imports during the month under consideration contracted 47.5 per cent and stood at $4 billion, as compared to $7.71 billion. Non oil imports, which includes capital goods as well as raw material used by the Indian industry also contracted 10.2 per cent in February, and stood at $12.77 billion, as compared to $14.22 billion in the same month of 2008.

In the April-February period of 2008-09, exports grew 7.3 per cent and stood at $156.6 billion. Imports expanded 19.1 per cent between April and February and was valued at $271.68 billion, as against $228.08 billion in the corresponding period of the previous year.

Cumulative trade deficit in the period under consideration stood at $115 billion, which is an increase of 40 per cent over $82.2 billion in the year ago period.