India’s exports fall for 11 months in a row in Oct

Imports fell 21.15 per cent from a year earlier to $31.12 billion. Gold imports during the month under review showed a sharp decline of 59.5 per cent at Dollars 1.70 billion.

São Paulo – Brazil posted a USD 1.01 billion trade surplus last week, the result of USD 3.9 billion in exports and USD 2.89 billion in imports, the Ministry of Development, Industry and Foreign Trade reported this Monday (16th).

In the seven-month period, imports posted a fall of 15.17 per cent to $ 232.05 billion compared to the comparable period previous year. The sectors in the red included major ones such as petroleum products (-57 per cent to $2.4 billion), engineering (-11.6 per cent to $4.6 billion) and gems and jewellery (-12.8 per cent to $3.5 billion). India aims to take exports of goods and services to $900 billion by 2020 and raise the country’s share in world exports to 3.5 per cent from 2 per cent now.

Indonesia’s exports have been weak in recent months due to falling global demand on the country’s export products.

On a monthly basis, both exports and imports grew by 9.5 percent and 3.8 percent, respectively in October. The decline in imports was driven by a 42.1% plunge in oil imports to US$ 54.98 billion.

Indonesia recorded a steady surplus on trade balance in October as shipment of products from overseas declined significantly amid subdued economy.

“The current fiscal is proving to be one of the worst years for exporters who are facing a huge demand slowdown”.

Reacting to the news, Soumya Kanti Ghosh, Chief Economic Advisor, State Bank of India, says the trade deficit number has come in lower than estimates.

It said that there are no prospects of improvement in the immediate future. The government should immediately help by way of lowering interest rates by subventions and clearance of tax refunds without any delay. “Besides, the procedural support at the customs will provide a few healing touch”, it added.