Japan trade account returns to deficit as exports fall 3 pct

Last month, exports contracted 24 per cent – the steepest fall in recent years -to $20 billion, according to data released by the commerce ministry on Tuesday.

From a year earlier exports fell by 3.3%, below the 2.1% contraction of October and expectations for a decline of 1.5%.

The world’s second-biggest gold consumer had imported gold worth United States dollars 5.57 billion in the same month a year ago. Non-oil imports during April-November 2015-16 were valued at $200.44 billion, which was 4.41 per cent lower than the level of such imports valued at $209.68 billion in April-November 2014-15.

The fall in exports is especially damaging for India not only because the pace of decline has been one of the fastest across the globe but also because the share of Indian exports in GDP has been shrinking in recent years after registering a steady improvement in the last two decades.

NEW DELHI-India’s exports fell for the 12th straight month in November, highlighting the challenges faced by policymakers as they look for growth drivers to help strengthen an economic recovery.

Just seven out of India’s top thirty export goods, including carpets, jute products and tea registered an increase in November, compared to nine goods in October. Import of coal, coke and Briquettes fell 50.19% to $ 876.65 million as against $ 1.75 billion in November a year ago.

This not only makes India’s target of doubling exports of goods and services to $900 billion by fiscal 2020 from $470 billion in fiscal 2015, but also casts a shadow on government’s flagship “Make in India” programme, which aims to generate large-scale manufacturing employment and make India a world-class exports hub. The corresponding figure for the previous year was $102 billion.

Exports had last recorded growth exactly a year back, rising 7.27 per cent year-on-year.

Merchandise exports, which are nearly two-thirds of India’s total exports, have been declining in the last twelve months.