Wait...
  1. Home >
  2. Export Import News >
  3. Export News >
  4. India’s exports contract 9.7% in June, worst since January 2016 >
  5. India’s exports contract 9.7% in June, worst since January 2016

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

India’s exports contract 9.7% in June, worst since January 2016.


Date: 16-07-2019
Subject: India’s exports contract 9.7% in June, worst since January 2016
Merchandise exports shrank 9.7% year-on-year in June to $25 billion, the first contraction in nine months and the worst since January 2016, mainly as petroleum exports plunged almost 33% following a temporary shutdown of a crude distillation unit in Reliance’s Jamnagar refinery for maintenance and MRPL’s Mangalore facility operating at lower capacity due to a water shortage.

Since imports, too, shrank in June (by 9.1% y-o-y to $40.29 billion), goods trade deficit didn’t worsen sequentially but still remained as high as $15.28 billion, slightly lower than $15.36 billion, a six-month peak, in May. Goods trade deficit ballooned to $46 billion in the June quarter from almost $36 billion in the previous three months, threatening to reverse the benign current account deficit (CAD) level of 0.7% of GDP witnessed in the March quarter.

Commerce secretary Anup Wadhawan blamed the shutdown of refineries and tough global conditions for the latest contraction and expected exports to rebound soon. The impact of refinery shutdown on exports is likely to weigh on July exports as well, as Reliance had said the unit at Jamnagar could remain shut for up to four weeks from June 20.

The export contraction comes on the back of a relatively unfavourable base (exports had grown 17.6% in June 2018). However, it also underlines the strong external headwinds the country faces due to a worsening global trade war, growing tussle between Washington and New Delhi over the latter’s “high tariff” and the recent US withdrawal of the zero-duty trade benefits for annual Indian exports of around $5.6 billion under the so-called generalised system of preference.

Having grown at 9% in FY19, India’s merchandise export growth has collapsed to just 0.6% in April, 3.9% in May and -9.71% in June. Citing persistent risks from a global trade war, the IMF has already trimmed its 2019 trade growth forecast by a sharp 60 basis points to 3.4%, against the actual rise of 3.8% in 2018. This will weigh on the prospects of Indian exports.

Source: financialexpress.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 10-12-2019
Notification No. 89/2019 – Customs (N.T.)
Appointing the date for enforcing section 88 (b) of the Finance (No. 2) Act, 2019 to bring out the changes in the First Schedule to the Customs Tariff Act, 1975.

Date: 10-12-2019
NOTIFICATION No. 45/2019-Customs (ADD)
Seeks to impose anti-dumping duty on imports of Clear float glass originating in or exported from Pakistan, Saudi Arabia and UAE in pursuance of Final findings of Designated Authority in sunset review of notification No. 48/2014-Customs (ADD) dated 11.12.2014

Date: 06-12-2019
Notification No. 34/2015-2020
Corrigendum to Notification No. 31/2015-2020 dated 13th November, 2019.

Date: 05-12-2019
A.P. (DIR Series) Circular No.11
Exim Bank's Government of India supported Line of Credit (LOC) of USD 500 million to the Government of Bangladesh

Date: 05-12-2019
Notification No.88/2019 - Customs (N.T.)
Exchange Rates Notification No.88/2019-Customs (NT) dated 5.12.2019

Date: 04-12-2019
Notification No. 06/2019 Central Excise (N.T.)
Seeks to extend SVLDRS, 2019 to the mentioned enactments

Date: 02-12-2019
Trade Notice No. 40/2019-20
Imports of Onions

Date: 02-12-2019
Notification No. 33/2015-2020
Amendment in Policy condition No.2 (iii) to Chapter 95 of ITC (HS), 2017- Schedule -1 (Import Policy)

Date: 02-12-2019
Notification No. 87/2019- Customs (N.T.)
Notification of Vizinjham International Seaport and Muthalapozhi u/s 7(d) of the Customs Act for unloading and loading of boulders for breakwater construction.

Date: 29-11-2019
Circular No. 40/2019-Customs
Auto Out of Charge under Express Cargo Clearance System (ECCS) - reg.



Exim Guru Copyright © 1999-2019 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001