New Delhi: Raising fresh concerns about economic growth, India's exports contracted by about 14 percent in April to USD 22 billion due to a sharp dip in petroleum, gems and jewelery shipments, registering decline for the fifth straight month.
The slump in exports is mainly due to global slowdown and softening of crude, metal and commodity prices.
In April 2014, the country's merchandise exports stood at USD 25.63 billion.
The last time exports registered positive growth was in November last year when 7.27 percent expansion was recorded.
The main exporting sectors, including petroleum products (-46.5 percent), gems and jewelery (-10 percent) and man-made yarn and fabrics (-8.3 percent), reported negative growth in April.
"The prime reason continues to be softening of crude, metal and commodity prices. Equally worrying is negative growth in gems & jewellery, electronics and plastic goods," Federation of Indian Export Organisations (FIEO said).
Imports too declined by 7.48 percent to USD 33 billion, leaving a trade deficit of USD 11 billion in the month under review, according to the data released by the commerce ministry.
Oil imports dipped 42.65 percent during April to USD 7.44 billion. Non-oil imports grew by 12.58 percent to USD 25.6 billion.
Gold imports surged by 78.33 percent to USD 3.13 billion as against USD 1.75 billion in the month under review.
In March, country's exports contracted by 21 percent, the biggest fall in the last six years.
India had missed the annual exports of target of USD 340 billion for 2014-15. Last year, exports stood at USD 310.5 billion.
