India’s exports in February dipped 5.66 % to $ 20.73 billion. The imports too have been reported to be down 5.03 % at $ 27.28 billion, leaving a trade deficit of $ 7.63 billion.
Significantly, the decline in exports was registered for the 15th consecutive month.
Provisional data released by the Ministry of Commerce and Industry showed that the gold imports too declined almost 29.5% to $1.39 billion in February after an in 85% crease in January this year.
“While the rate of decline in India’s overall exports in February, 2016 would look smaller at 5.66%, compared to previous months, it has to been seen in the context of a low base on which further fall has come about. So, it would be incorrect to say as if the crisis is behind us,” EEPC India Chairman T S Bhasin was quoted by the Economic Times.
In the first 11 months of the current financial year, India’s exports were $238.4 billion compared with $286.3 billion in the same period last year.