The Union Commerce Ministry released data on Friday that showed goods exports from India posted a growth of 1.27% to $22.57 billion (Rs 1.5 lakh crore) in June 2016 compared to past year.
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So far this year, goods worth €45.2 billion have been exported, a rise of 1 per cent on the same period last year. Besides a global slowdown, the severe fall is attributed to global factors like a decline in commodity prices and sluggishness in the Chinese economy, among others.
In June, handicrafts export grew by 92 per cent, marine products by 43 per cent, iron ore 32 per cent, tea by 11 per cent, coffee 13 per cent and spices 16 per cent among others.
Cumulative value of exports for the April-June 2016-17 quarter stood at $65.31 billion (Rs436,960.98 crore) against $66.69 billion (Rs423,315.24 crore) in the year ago quarter registering a negative growth of 2.07 per cent in dollar terms and positive growth of 3.22 per cent in rupee terms over the comparable period of the previous fiscal.
S C Ralhan, president, Federation of Indian Export Organisations (FIEO) said that the positive figure has instilled optimism among exporters though the global scenario remains challenging.
Over the year, exports of food and live animals fell by €70 million or 8 per cent to €781 million. However, petroleum, gems & jewellery and apparel exports continued to show a decline in June.
Oil imports during June 2016 were valued at $7.25 billion, which was 16.42 per cent lower than oil imports valued at $8.68 billion in the corresponding period past year.
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Overall the trade balance (merchandise and service sectors) has improved. In absolute terms, neither the $22.57 billion worth of exports in June 2016 nor the $22.28 billion in June 2015 was near the $26.47 billion in June 2014.
