Exports of the top five sectors, including engineering and petroleum, fell by about 31 per cent to $13.6 billion in September due to a slump in global demand.
Exports from these sectors stood at $19.7 billion in the corresponding month last year. They had accounted for about 65 per cent of the total merchandise exports in 2014-15.
Engineering exports growth turned negative at (-)22.81 per cent while petroleum (-60.35 per cent), textiles (-12 per cent) and gems & jewellery (-18.81 per cent) also recorded negative growth during September, provisional data from the Commerce Ministry showed.
Only the pharmaceuticals sector managed to registered a growth of 9 per cent in September, it stated.
During the last financial year, exports of these segments stood at $202.15 billion while the total exports were at $310.5 billion.
Expressing concerns over continuous dip in exports, the Federation of Indian Export Organisations (FIEO) said the government should immediately announce steps like extending interest subsidy benefits to contain the dip in exports.
Decline in exports has been instrumental in dragging down India’s overall merchandise exports.
Contracting for the 10th month in a row, India’s merchandise exports dipped 24.33 per cent in September to $21.84 billion, mainly due to steep fall in shipments of petroleum products, iron ore, and engineering goods amid tepid global demand.
The Parliamentary Consultative Committee of the Ministry of Commerce and Industry held a meeting in Goa recently to review India’s exports performance.