India's exports decline by 14.8 percent in July 2012 | SupportBiz

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India's exports decline by 14.8 percent in July 2012

India's exports in July declined by 14.8 percent, according to data released in New Delhi on August 14. Exports stood at USD22.4 billion as compared to July 2011, when they were USD26.3 billion. India's trade deficit widened to USD15.5 billion for the month. July's trade deficit, arising from the excess of imports over exports, is significantly higher than the USD10.3 billion deficit reported in June 2012.

Year-on-year comparision shows a trade deficit of USD14.8 billion in July 2011.

Imports in July 2012 were USD37.9 billion, as compared to USD41.1 billion in July 2011.

The cumulative figure for the period of April-July 2012 shows exports at USD97.6 billion, as compared to USD102.8 billion in April-July 2011.

Cumulative imports for April-July 2012 stood at USD153.2 billion, as compared to USD163.8 billion in April-July of last year.

Trade deficit for the period April-July 2012 was USD55.6 billion, as compared to USD61 billion in the like period of the previous year.

A senior trade department official said that India's overseas sales have dipped, after a strong growth for most of the previous year, owing to sluggish demand in the US and Europe.

The official added that the export target of USD350 billion would pose a stiff challenge to meet.

Exports between April and June fell by 1.7 percent, totalling USD75.2 billion. Oil imports for June fell by 4.4 percent to USD12.7 billion.

Weak exports and widening trade and current account deficits have added to India's economic problems, as growth has slowed to its worst pace in nine years.