Exports contracted by 11.19 per cent to $23.88 billion in January this year compared to that in the same month in 2014, with main sectors such as cotton yarn, chemicals, pharmaceuticals and gems and jewellery performing poorly. Exports in January 2014 stood at $ 26.89 billion. Imports declined by 11.39 per cent to $ 32.2 billion during the month under review, leaving a trade deficit of $ 8.32 billion, according to the data released by the Commerce Ministry.
Federation of Indian Export Organisations President M Rafeeque Ahmed, said that "the present trend is an indication that the export target of $ 340 billion for 2014-15 would not be achieved adding that in the given scenario, we would be happy, if we touch export of $ 325 billion in this fiscal. The trade gap in January last year was $ 9.45 billion. Gold imports in January this year grew by 8.13 per cent to $ 1.55 billion.
Outbound shipments of cotton yarn, chemicals, pharmaceuticals and gems and jewellery contracted by 9.15 per cent, 10.52 per cent, 0.16 per cent and 3.73 per cent, respectively in January this year.Exports of tea, coffee, rice, tobacco and spices also recorded a negative growth in the month under review. For April-January period of the current fiscal, exports grew by 2.44 per cent to $265.03 billion. Imports were up by 2.17 per cent to $ 383.41 billion in the same period, leaving a trade deficit of $118.37 billion during the period.