Both import and export scaled down in October, but import declined by 27.81 percent to 11.07 billion US dollars from a year earlier, exceeding the decrease of export of 20.98 percent to 12.08 billion USA dollars in the month from a year earlier, Suryamin, head of the bureau said.
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Exports in October 2014 were valued at $25.89 billion. The data showed that the cumulative exports for the period between April and October 2015-16 fell by 17.62 percent to $154.29 billion from $187.28 billion during last year’s corresponding period.
The fall in exports was led by iron ore which declined by 57 per cent to $2.46 billion, followed by engineering goods that fell 11.65 per cent to $4.5 billion a year earlier.
Non-oil imports during October, 2015 were estimated at $ 24.274 billion which was 9.93 per cent lower than non-oil imports of $ 26.951 billion in October, 2014. The sectors in the red included major ones such as petroleum products (-57 per cent to $2.4 billion), engineering (-11.6 per cent to $4.6 billion) and gems and jewellery (-12.8 per cent to $3.5 billion). In rupee terms, exports stood at Rs. 1,389.17 billion, down 12.53 percent from Rs 1,588.23 billion, a year ago.
The non-oil imports during the month was lower by 9.9% at $24.2 billion, the data showed. October was the 13th straight month that exports declined on an annual basis.
Indonesia recorded a steady surplus on trade balance in October as shipment of products from overseas declined significantly amid subdued economy. Efforts to accelerate global economic growth will help trade, he said.
“The current fiscal is proving to be one of the worst years for exporters who are facing a huge demand slowdown”.
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India is targeting $900 billion in exports of goods and services by 2020 and wants to raise the country’s share in world exports to 3.5% from 2%. “Besides, the procedural support in customs will provide a healing touch”, he added.
