Exports decline for the sixth month in a row, find out what will happen to you
For the sixth month in a row, the country’s exports have declined.
For the sixth month in a row, the country’s exports have declined. According to official data, exports of petroleum, leather, engineering products and gems and jewelery declined by 12.66 per cent to .. 22.7 billion in August 2020, the same month a year ago. The decline in exports in August was 10.21 per cent in July and 12.41 per cent in June. Earlier, in August last year, exports stood. 25.99 billion.
Imports also declined by 226 per cent in August this year
According to the data, the country’s imports also fell by 226 percent to $ 29.47 billion in August this year. As a result, the trade deficit reached $ .7777 billion, less than half of the মাসে 13.6.8 billion recorded in the same month a year 2019-2019. In July, the trade deficit, the difference between imports and exports was 4.82 billion.
Boom in gold imports
Oil imports fell 4.6.62 percent to $ 4.42 billion in the month under review. Gold imports jumped to $ 3.7 billion in August this year from ৩ 1.336 billion in August 2016. During the April-August period of the current fiscal, exports declined by 2.6..65 per cent to $ 6.66 billion, imports declined by 47.7373 per cent to ৮ 117.388 billion, a trade deficit for the period under review. Stands at .7 20.722 billion.
The main product is export decline
Major products for which exports declined were petroleum products (-40%), gems and jewelery (-43.28%), leather (-16.82%), man-made yarn / fabric / make-up (-24.23%). , Including all kinds of finished products (-14%) and engineering (-7.69%) products. Exports of rice, coffee, tobacco, iron ore, oilseeds, oily foods, meat, dairy and poultry products, medicines and plastics have increased.
It can have an adverse effect on job creation in the country
Among the items that declined in August were appliances, electrical and non-electrical, chemical, timber and electronic goods. Stayed. Oil-free imports fell 40 percent to 22.35 billion. In his response to the information, Federation of Export Organizations FIO President Sharad Kumar Saraf expressed concern over the declining exports in the labor sector. The decline in exports from this sector has adversely affected the country’s job creation.
Exports of rice, cereals and oilseeds have increased
“Imports also need to be analyzed. Such a sharp decline in imports could affect the recovery of the industry in the coming months. Mohit Singla, chairman of the Trade Promotion Council of India (TPCI), said the processed food sector grew by 22 per cent, while exports of rice, cereals and oilseeds increased.” He said, “Indian processed food industry has a tendency to move forward.
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ICRA Ltd “Our estimate is that the current account will have a surplus of $ 7-10 billion in the second quarter of 2020-21,” said Aditi Nair, principal economist. Meanwhile, India’s services sector exports fell 10.7676 per cent to ১ 1.03 billion in July, according to data released by the Reserve Bank on Tuesday. On the other hand, service imports also fell 21.69 percent to $ 10 billion in July.
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Meanwhile, Commerce and Industry Minister Piyush Goel told a webinar (via a seminar on the Internet) that exports in the second week of September (6-1-14) rose 10.733 per cent to ৮৮ 6.7 billion. “… but we have a lot of opportunities to bring in sectors like textiles, gems and jewelery,” he said. Overall, the situation in the industrial sector remains very positive. Imports fell 22 percent to শতাংশ 6 billion a week, the minister said. That’s why we were net exporters in the second week of September.