The country's exports stood at USD 310.5 billion against a target of USD 340 billion for 2014-15 fiscal.

While there has been a weak trend since July 2014, exports have been witnessing contractions since January this year right through April, the industry body said.

Engineering products, gems and jewellery and petroleum products are the biggest contributors to the overall export basket in terms of value.
The industry body pointed out that the US is still not firm in growth as was witnessed in the first quarter of 2015 when its economy had contracted. Stronger dollar hit the US exports.

In the euro zone, it was somehow better in the first quarter but it is quite puzzling and unsure. The emerging market pack remains in a challenging situation with China adding to the major woes, Assocham said.

Going forward, the merchandise exports are likely to average around USD 22-25 billion a month till the end of second quarter of the current fiscal.

The shipments would improve thereafter, but the upside remains limited, the chamber noted with concern.

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