India'S Largest Export Decline For The First Time In 10 Years
Data released by the India government in March 2nd showed that India exported $12 billion 380 million in January this year, down 15.9% from the same period last year, the biggest decline since May 1998.
So far, India's exports have declined for 4 consecutive months. In January, exports of textiles, handicrafts, jewels, leather, metal and rice were greatly reduced.
India's current fiscal year will end in March 31st. In the first 10 months of this fiscal year, India's total exports amounted to US $144 billion 266 million, an increase of 13.2% over the same period last year. The Ministry of Commerce and industry of India has cut the total export volume for the fiscal year from $200 billion to $170 billion.
As oil prices fell, India imported $18 billion 455 million in January, down 18.2% from a year ago. In the first 10 months of this fiscal year, India's imports totaled US $243 billion 358 million, an increase of 25.3% over the same period last year, and the trade deficit was US $99 billion 100 million, up from 66 billion 830 million US dollars in the same period last year.
To slow down the impact of the global economic crisis on exports, India announced 26 new export incentives last month, including reducing the paction cost of leather and textile exports to the US and Europe in the 6 months from April.
Editor in chief: Xu Qiyun
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