Rupee depreciation neither helped in rising exports nor slowing imports : SBI

  • 22-Oct-2018
  • Rupee depreciation neither helped in rising exports nor slowing imports : SBI

A research report by India's largest bank SBI recently said the rupee depreciation has neither helped in improving exports nor in slowing imports, leading to an incremental trade deficit of USD 4 billion in the first half of the current fiscal.

Based on an analysis of both export and import intensive industries during April-September 2018, SBI's report 'Ecowrap' concluded that rupee depreciation has not helped exports as is widely believed.

"In effect, this means we are having a situation of declining exports and increasing imports. We estimate that the net incremental impact on trade deficit is USD 4 billion.

"Thus the common refrain that rupee depreciation will lead to export increase and import decline stands challenged," it said.

India's exports entered the negative zone after five months, contracting 2.15 per cent in September to USD 27.95 billion due to dip in shipments in key sectors, including engineering and gems and jewellery, even though trade deficit narrowed to a five-month low.

Imports in September grew by 10.45 per cent to USD 41.9 billion, according to the Commerce Ministry data released recently.

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