Dip in exports from India

Negative export growth due to decline in global demand and fall in commodity prices

GN Bureau | April 26, 2016


#Nirmala Sitharaman   #Export   #Ministry of Commerce   #Trade  


Due to global economic slowdown, the export sector in India has been facing decline. In last two years the government has failed to achieve the fixed export target. The downfall has been noticed in commodities like crude petroleum, shipping, iron and steel, buffalo meat, fabrics and organic chemicals.

In the fiscal year 2014-15, export was only $310.3 billion, much lower than the fixed target of $340 billion whereas in 2015-16, no target was fixed and export went down to $261.1 billion.

The information was provided by Nirmala Sitharaman, Minister of State (Independent Charge) for Ministry of Commerce and Industry in a written reply in Lok Sabha on Monday.

According to Directorate General of Commercial Intelligence and Statistics, the negative export growth in the recent period has been due to fall in global demand and fall in commodity prices. It has impacted terms of trade for commodity exporters.

Petroleum products, one of the major items of export for India, have been witnessing decline due to fall in the prices of petroleum crude resulting in consequent decline in prices.

More so, European Union (EU) countries that account for nearly 16 percent of India’s export are facing stagnation.  China is also experiencing a slow down. The recovery in US has been moderate and uncertain in terms of sustainability. Also, globally there has been increase in trade barriers has also been reported.

Efforts were also made to address country specific impediments through bilateral trade engagements. To reverse the current trend in foreign trade, the government has introduced Merchandise Exports from India Scheme (MEIS)  in   the Foreign Trade Policy (FTP) 2015-20, to incentivize  export of merchandise  which are produced/manufactured in India.

Comments

 

Other News

Hyderabad rape and murder case: four accused killed in police encounter

Amid shock and outrage across the country over the rape and murder of a young woman in Hyderabad, the police on early Friday morning killed all the four accused in the case in Hyderabad. Police had taken the four to Chattapally, where they had allegedly burnt the woman’s body after rap

Climate change is here: India among the most affected

India has been among the countries most affected by climate change, and ranks high on the Climate Risk Index prepared by researchers at NGO Germanwatch. The index for 2019, published this week, takes note of the alarming situation around the world and calls for more steps to mitigate the cr

How children have acquired disaster mitigation skills – and confidence

In the science laboratory of a modest government school, a team of young students give a demonstration of what is called ‘non-structural mitigation’. When earthquake-like jolts are given to a doll’s-house like building model, the beds, the dining table, cupboards, wall hanging make a mess

End of ideology, coalition politics and popular mandate?

On November 29, Uddhav Thackeray, the 19th chief minister of Maharashtra and the leader of the Maha Vikas Aghadi (MVA), won the vote of confidence in the 244-member Vidhan Sabha of Maharashtra. With this the month-old drama over the government formation in the state came to an end. The appointment of the M

Maharashtra finally has a govt: now for the difficult part

Maharashtra finally has a government in place that has enough numbers, but its longevity may be tested time and again, given the differing ideological commitments of the three parties that make it up. Shiv Sena chief Uddhav Thackeray Thursday evening took oath as chief minister at Shivaji Pa



Archives

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter