India's exports decline by 5.45 percent in June 2012 | SupportBiz

Top Story

India's exports decline by 5.45 percent in June 2012

 
India's exports declined by 5.45 percent to USD25.07 billion in June, registering a sharp drop for the second month in row due to weak demands in North America and European countries, government data showed. Imports slumped by 13.46 percent to USD35.37 billion, leaving a trade deficit of USD10.3 billion.

Cumulative value of exports for the period April-June 2012 was USD75.20 billion, as compared to USD76.50 billion during the corresponding period of last year, registering a decline of 1.70 percent, according to data released by the Ministry of Commerce and Industry.

The first three months' data indicates that exports are likely to remain sluggish in the coming months, and that the whole year's target might fall substantially short.

The government has set a target of 20 percent growth in exports in the fiscal 2012-13.

Exports increased by 20.94 percent to USD303.71 billion in the financial year ended March 31, 2012, surpassing the government's target of USD300 billion.

The cumulative value of imports in the first three months of the current financial year was USD115.25 billion, as compared to USD122.74 billion recorded during the corresponding period last year, registering a drop of 6.10 percent.

Trade deficit during the first quarter of the current financial year also declined to USD40.05 billion, from USD46.23 billion recorded in the corresponding period of last fiscal.

Oil imports during June 2012 were valued at USD12.68 billion, which was 4.43 percent lower than oil imports valued at USD13.27 billion in the corresponding period last year.

Non-oil imports during June 2012 were pegged at USD22.68 billion, which was 17.80 percent lower year-on-year.