Global demand subdues exports for 11th straight month

Slowdown in global demand scenario and a dip in prices of petroleum products dented India's exports for the eleventh straight month in October with merchandise exports declining by 17.53 percent, official data showed on Monday.

According to the data furnished by the commerce and industry ministry, India's October merchandise exports fell to $21.35 billion from $25.89 billion worth of goods shipped out during the corresponding month of last year.

The data revealed that exports declined for the 11th straight month in October.

As per the ministry's data, imports during the month under review plunged by 21.15 percent at $31.12 billion from $39.46 billion shipped in during the corresponding month of 2014.

During October, the oil imports fell by 45.31 percent to $6.84 billion from $12.51 billion.

Furthermore, non-oil imports decreased by 9.93 percent to $24.27 billion from $26.95 billion shipped in during the like month of 2014.

Trade deficit during October dipped on a year-on-year basis and stood at $9.76 billion, as compared to $13.57 billion in the corresponding month of last year.

The data showed that the cumulative exports for the period between April and October 2015-16 fell by 17.62 percent to $154.29 billion from $187.28 billion during last year's corresponding period.

In addition, the cumulative figure for imports too showed a downward trajectory. It went down by 15.17 percent to $232.05 billion during the period under review from $273.55 billion.

Cumulatively, trade deficit during the April-October period receded on a year-on-year basis and stood at $77.76 billion, as compared to $86.26 billion in the corresponding period of last year.