Exports contract by 11.19% to $24 bn in Jan, gems and jewellery disappoint

New Delhi: Country’s exports contracted by 11.19 percent 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.[caption id=“attachment_2023049” align=“alignleft” width=“380”]  Falling exports. Reuters[/caption] Exports in January 2014 stood at $26.89 billion. Imports declined by 11.39 percent 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. The trade gap in January last year was $9.45 billion. Gold imports in January this year grew by 8.13 percent to $1.55 billion. Outbound shipments of cotton yarn, chemicals, pharmaceuticals and gems and jewellery contracted by 9.15 percent, 10.52 percent, 0.16 percent and 3.73 percent, 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 percent to $265.03 billion. Imports were up by 2.17 percent to $383.41 billion in the same period, leaving a trade deficit of $118.37 billion during the period. PTI