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Monday, March 02, 2009

Exports drop 16% in January 2009

Imports down 18.2%

The performance of the exports sector continues to be dismal. The latest data released by the government showed India's exports fell for the fourth month in a row in January 2009. Exports fell an annual 15.9% in January 2009 to $12.38 billion as the global slowdown shaved off demand for Indian goods.

The trade deficit narrowed to $6.1 billion in January 2009 compared with $7.57 billion in December 2008 due to a sharp decline in imports. Led by a sharp fall in oil imports, the total imports declined an annual 18.2% at $18.46 billion in January 2009. Oil imports plunged 47.5% thanks to a sharp decline in oil prices.

A recession in key global economies such as the US, Europe and Japan has hit India's export trade. Over the past few months, the government has taken a number of steps so as to protect jobs being axed due to falling exports. It has extended interest rate subsidy scheme on exports for some sectors till 30 September 2009 from 31 March 2009.

At the time of announcing an annual review of the foreign trade policy Commerce Minister Kamal Nath, last week, announced a special incentive of Rs 325 crore for various sectors like handmade carpets, leather and technical textiles from 1 April 2009. He also announced export incentives for certain items like technical textiles, stapling machine, handmade carpets and dried vegetables.

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