Imports dip 16%, exports 8% till March 19
NEW DELHI: India’s imports have declined nearly 16% to $23 billion during March 1-19, while exports dropped 8.2% to $16.3 billion during this period, data accessed by TOI showed.
Of the 30 major sectors tracked by the government, three sectors – petroleum (down 13.5%), where prices have crashed, precious & semi-precious stones (46% lower) and gold (45.5% fall) – accounted for two-thirds of the decrease. While the import bill fell $4.3 billion during the first 19 days of the fiscal, these three sectors saw a decline of $2.9 billion in the value of their shipments, according to preliminary estimates available with the commerce department.
During a crisis like the current one, the demand for gems & jewellery and luxury goods typically comes down as incomes are affected and there is uncertainty about the coming quarters, trade experts said.
Of the 30 major sectors tracked by the government, three sectors – petroleum (down 13.5%), where prices have crashed, precious & semi-precious stones (46% lower) and gold (45.5% fall) – accounted for two-thirds of the decrease. While the import bill fell $4.3 billion during the first 19 days of the fiscal, these three sectors saw a decline of $2.9 billion in the value of their shipments, according to preliminary estimates available with the commerce department.
During a crisis like the current one, the demand for gems & jewellery and luxury goods typically comes down as incomes are affected and there is uncertainty about the coming quarters, trade experts said.
On the export front too, five sectors – oil products, engineering goods, gems and jewellery, organic and inorganic chemicals and rice – drove down the overall shipments out of the country. While exports declined by a little under $1.5 billion, the five sectors saw the value of goods shipped out of the country drop by close to $1 billion.