January exports fall by 15.9%

NEW DELHI: The global economic downturn continued to take its toll on Indian exports in the first month of the calendar year. Exports in January 2009 fell by 15.9% to $12.38 billion compared to exports worth $ 14.72 billion in January 2008. Thanks to a sharp dip in India’s oil bill during the month, imports registered the first dip during the on-going fiscal. There was a sharp fall of 18.2% im imports to $ 18.45 billion in January 2009 compared to $ 22.56 billion in January 2008. The official estimates of trade data for January 2009 was realsed by the commerce department on Monday.

Sectors which took the most severe drubbing during the month include textiles, handicrafts, gems & jewellery, leather, plastics, metals and rice, as per the initial estimates brought out by the commerce department earlier this month. The early estimates had painted a darker picture by putting the drop in exports at 22%.

India’s cumulative value of exports for the period April-January, 2008-09 was $144.26 billion as against $127.45 billion in the first ten months of 2007-08 registering a growth of 13.2%. The commerce and industry minister revised India’s growth target for the fiscal downwards to $170-175 billion from $200 billion fixed earlier. The minister is, however, optimistic that in the next fiscal it will be possible to meet the $200 billion target. India exported goods worth $162 billion in 2007-08.

In January 2009, India’s oil imports went down by 47.5% to $4.46 billion from $8.5 billion in January 2008. The dip in non-oil imports was relatively negligible at 0.5% with imports falling to $13.99 billion in January 2009 compared to imports worth $14.06 billion in January 2008.

Non-oil imports during April-January 2009 were valued at $ 160 billion which was 21.9% higher than the level of such imports valued at $ 131.36 billion in April-January 2007-08.

The trade deficit for April-January 2008-09 was estimated at $99.1 billion compared to a deficit of $66.83 billion during April-January 2007-08.