India’s 2014 merchandise exports valued at $321 billion

India’s total merchandise export for 2014 was valued at $321 billion against $314 billion in the previous year, a UNCTAD report on Tuesday said.

The report said international service exports accounted for 21 per cent of the total global exports (valued at just over $5 trillion) in 2014, a growth of almost 5 per cent over the previous year. The total global exports for 2014 stood at $24 trillion, up 1.2 per cent, compared with the previous year.

Services exports from both developed and developing economies grew strongly in 2014 at 5.3 per cent and 4.8 per cent, respectively.

While total exports from developed economies accounted for 55 per cent ($13.2 trillion) of the total global trade, developing economies constituted 41 per cent, with transition economies bringing in the residual $890 million, or 4 per cent.

“Growth in exports of food and agricultural raw materials from Africa and Asia in particular were strong (4.8 per cent and 3.7 per cent, respectively), as was the exports of manufactured goods from these regions (2.6 per cent and 4.6 per cent, respectively)

Exports shrink, trade deficit narrows

India’s merchandise exports in October shrunk 17.5 per cent year-on-year to $21.35 billion, leaving the shipment in the negative territory for the eleventh consecutive month due to a persisting weak global demand.

Imports contracted an annual 21.15 per cent to $31.1 billion, also for the eleventh straight month, according to data released by the Commerce Ministry on Monday.

This resulted in the trade deficit narrowing to $9.76 billion from $13.57 billion in October last year.

Oil imports

Oil imports during the month under review fell 45.3 per cent to $6.8 billion, while non-oil imports shrunk 9.9 per cent to $24.3 billion. Gold imports in October plunged 59.5 per cent to $1.7 billion. Only ten of the 30 major import sectors showed positive growth. These included electrical and non-electrical machinery (4.45 per cent growth to $2.3 billion), transport equipment (30 per cent to $1.5 billion), pearls and precious stones (14 per cent to $1.5 billion) and electronic goods (13.6 per cent to $3.8 billion).

All but ten of the 30 major export sectors contracted. 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).

Exports during April-October this fiscal contracted by 17.6 per cent to $154.29 billion, while imports during the period shrunk 15.1 per cent to $232 billion, narrowing the trade deficit during the first seven months of the current fiscal to $77.76 billion against $86.26 billion during the same period last fiscal.