Economy Aug 1, 2012
India's exports contracted for the second consecutive month in June by 5.45 percent, year-on-year, to $25 billion on account of growing economic uncertainties in the Western markets.
Imports dipped more sharply, by 13.46 percent to $35.37 billion during the month, compared to $ 40.8 billion in June 2011, resulting in a narrower trade deficit of $10.3 billion.
According to the data released by the Commerce Ministry, exports during the April-June quarter of 2012-13 fiscal dipped by 1.7 percent to $75.2 billion, from $76.5 billion in the same period last fiscal.
Imports during the quarter dipped by 6.10 percent to $115.25 billion from $122.74 billion in the first quarter of 2011-23 fiscal.
Trade deficit during the quarter stood at $40 billion. Commerce Secretary S R Rao has said that exports are declining because the world over there has been a tremendous dip in trade, in view of global economic slowdown.
Oil and non-oil imports during June too declined by 4.43 percent and 17.80 percent to $12.68 billion and $22.68 billion respectively.
During the April-June period, oil imports were valued at $41.58 billion, which was 5.48 percent higher than $ 39.42 billion in the corresponding period last year. Non-oil imports during the quarter declined by 11.57 percent to $73.67 billion.
More From Firstbiz.