Indian exports decline for 13th straight month

New Delhi, Nov 27 : India's merchandise exports fell 6.6 percent for the 13th straight month in October to $13.19 billion, from $14.13 billion in the corresponding month last fiscal, Commerce Minister Anand Sharma said Friday.

"The stabilisation in the exports needs to be viewed in the context of projections of IMF of 11.9 percent decline in world trade volume during the year coupled with a 36.6 percent decline in prices of oil, and a 20.3 percent fall in non-fuel commodity prices", Sharma told reporters.

India's exports in September stood at $13.6 billion, a fall of 13.8 percent compared to the like month of last fiscal. The minister had said earlier this month that overall exports would witness a turnaround by the end of the current fiscal.

According to data released, exports of man-made yarn and fabric were up 1.2 percent, while that of tobacco was up 20.5 percent and fruits and vegetables by 5.7 percent.

Exports of products like plastic, pharmaceuticals, marine products, spices, iron ore, cashew and petroleum products also showed a turnaround.

However, that of handicraft, basic chemicals, leather goods, gems and jewellery, engineering goods fell, though the rate of decline was slower.

Exports of jute products, carpets, coal and other ores including processed minerals continued to be hit.

Software exports have not shown any decline during April-October.

Sharma said despite the current economic downturn, foreign direct investment (FDI) during the first half of the current fiscal stood at $15.3 billion, compared to $17.2 billion received during the corresponding period last fiscal.

"Total FDI into India since the onset of the liberalisation process is nearly $121.85 billion," a government statement said.