Exports decline 15.85% in 2015-16

Exports (including re-exports) 2015-16 stood at $261.14 billion (Rs 1,708,841.43 crore) as against $310.34 billion (Rs 1,896,348.4 crore) in the previous fiscal, registering a negative growth of 15.85 per cent in dollar terms and 9.89 per cent in rupee terms.

In March 2016, however, the decline was less, 5.47 per cent, as exports registered $22.72 billion (Rs 152,264.96 crore) against $24.03 billion (Rs 150,082.80 crore) during March 2015, according to an official release.

Non-petroleum exports in March 2016 are valued at $20.64 billion against $21.34 billion in March 2015, a reduction of 3.49 per cent. Non-petroleum exports during the last fiscal are valued at $23.19 billion as compared to $25.3 billion for 2014-15, a reduction of 8.52 per cent.

The trend of falling exports is in tandem with other major world economies, says the release. The growth in exports have fallen for the US (10.81 per cent), European Union (7.4 per cent), China (11.37 per cent), and Japan (12.85 per cent) for January 2016 over the corresponding period previous year as per WTO statistics.

Imports during March 2016 were valued at $27.79 billion (Rs 186,250.88 crore) which was 21.56 per cent lower in dollar terms and 15.82 per cent lower in rupee terms over the level of imports valued at $35.43 billion (Rs 221251.65 crore) in March 2015. For 2015-16, the value of imports was $379.6 billion (Rs 2,481,367.22 crore) as against $448 billion (Rs 2,737,086.58 crore) registering a negative growth of 15.28 per cent in dollar terms and 9.34 per cent in rupee terms over 2014-15.

Oil imports during March 2016 were valued at $4.8 billion which was 35.3 per cent lower than oil imports valued at $7.42 billion in March 2015. Oil imports during 2015-16 were valued at $82.66 billion which was 40.24 per cent lower than the oil imports of $138.32 billion in the previous fiscal.

Non-oil imports during March 2016 were estimated at $22.99 billion which was 17.92 per cent lower than non-oil imports of $28.01 billion in March 2015. The figure for 2015-16 was $296.93 billion which was 4.12 per cent lower than the level of such imports valued at $309.71 billion in 2014-15.

The merchandise trade deficit for 2015-16 was estimated at $118.46 billion which was lower than the deficit of $ 137.69 billion during 2014-15.

The trade balance in services (i.e., net export of services) for February 2016 was estimated at $5.14 billion. The net export of services for April 2015-February 2016 was estimated at $64.6 billion which is lower than net export of services of $69.14 billion during April 2014-February 2015.

Taking merchandise and services together, the overall trade deficit for 2015-16 is estimated at $53.86 billion as compared to $68.56 billion over 2014-15.