13.10.12

September 2012 Trade snippets


India’s exports continued to ring the bad news for the fifth consecutive month. Data released by the commerce ministry showed exports in September fell 11% to $23.7 billion, while the trade deficit widened to $18.1 billion during the month.
The global economic slowdown has taken a toll on the country’s shipments to its key markets in the US and Europe. Imports during September clawed back into the positive territory after nearly four months, posting a growth of 5.1% at $41.8 billion from $39.8 billion in the same year ago month. Cumulative value of exports for April-September 2012 -13 stood $143.7 billion down 6.8% compared to $154.1 billion in the previous yearago period.
Industry players said interest rates should be lowered to give a boost to manufacturing and exports. They attributed the slowdown to the contraction in global demand. The World Trade Organisation has also downwardly revised its estimate for global trade to 2.7% from the earlier 3.5% for 2012.
Oil imports during September, 2012 were valued at $14.1 billion, which was 30.7% higher than oil imports $10.8 billion in the corresponding period last year. Non-oil imports, a barometer of economic activity, was down 4.5% in September at $27.7 billion compared to $28.9 billion in September, 2011.Trade deficit during the April-September period stood at $89.3 billion compared to $89.4 billion in April-September 2011.

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