Non-industrial diamonds top export earner in FY16

India earned about $16.5 billion from the export of non-industrial diamonds, the top exported commodity in April-January 2015-16. It imported petroleum and crude oil worth $57.67 billion in the period.

This was revealed on Tuesday after the commerce ministry unveiled an online portal aimed at analysing foreign trade statistics.

Developed by the Directorate General of Commercial Intelligence and Statistics (DGCIS), the portal is aimed at providing easy access to foreign trade data. "The ministry has drawn a lot of flak over falling exports, the figures for which need to made available to the public in an easy manner," a ministry official said on conditions of anonymity. The official said the initial plan was to put up data for five years.

The portal can be accessed by public.

India's cumulative merchandise exports for 2015-16 fell to $261 billion - a five-year low. The figure was $310 billion in the previous financial year, which had also seen a decline in exports. The cumulative export target, initially set by the government at $300 billion, was revised downwards to $260-270 billion last month after merchandise trade remained negative throughout the year. Exports had last recorded growth in November 2014, rising 7.2 per cent y-o-y. The website showed that the US was the top destination for Indian merchandise exports, with $33.67 billion worth of goods finding their way to the country, followed by the UAE ($25.10 billion) and Hong Kong ($9.67 billion).