Thaindian News

New Delhi, Aug 1 (IANS) India’s exports declined by 5.45 percent to $25.07 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 Wednesday.

Imports slumped by 13.46 percent to $35.37 billion, leaving a trade deficit of $10.3 billion.

Cumulative value of exports for the period April-June 2012 was $75.20 billion as compared to $76.50 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 indicate exports are likely to remain sluggish in the coming months and the whole year 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 $303.71 billion in financial year ended March 31, 2012, surpassing the government’s target of $300 billion.

Cumulative value of imports in the first three months of the current financial year was $115.25 billion, as compared to $122.74 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 $40.05 billion, from $46.23 billion recorded in the corresponding period of last fiscal.

Oil imports during June 2012 were valued at $12.68 billion, which was 4.43 percent lower than oil imports valued at $13.27 billion in the corresponding period last year.

Non-oil imports during June, 2012 were pegged at $22.68 billion, which was 17.80 percent lower year-on-year.