India's foreign trade is facing a stiff decline as exports fell 17.53% in dollars and 12.53% in rupees in October 2015, as compared to last year, shows government data.
The exports were valued at $21,352.79 million and Rs 1,38,916.98 crore.
The fall has exporters requesting the government to take measures to rescue them from the dipping situation.
Primary inputs in agriculture and industry are leading the way in the fall of prices, which has directly affected earnings from export.
Iron ore exports saw a drastic plunge of 57%, falling to $2.46 billion. Engineering goods faced a decline of 11.65%, standing at $4.5 billion.
The country also saw a decline in its other major exports, such as gems and jewellery, which fell 11.65%, and chemicals fell to $1 billion, implying a 8.2% decline.
The trade deficit has been marginally contained as imports declined 21.15% in dollar terms and 16.38% in rupee terms as compared to last year in the same period.
Chief reasons for the fall in import is a steep decline in oil imports, which dropped 45% during October 2015, standing at $6.8 billion, while gold imports declined 59.5% to $1.7 billion. Another major sector which saw a fall in imports was chemicals, which stands at $1.3 billion having declined by 20.5% to $1.3 billion, reports Financial Express.
Non-oil imports saw a minor decline of 9.9%.
The shrinking of exports and the fall in imports between April and October have led to a reduced trade deficit in the first half of the fiscal year, which stands at $77.7 billion, having reduced by $8.5 billion in a year.
