India’s July exports dip 14 percent

August 14th, 2012 - 5:43 pm ICT by IANS  

New Delhi, August 14 (IANS) India’s July exports declined 14.8 percent, according to data released here Tuesday.

Exports stood at $22.4 billion compared to July 2011 when they were $26.3 billion.

India’s trade deficit widened to $15.5 billion for the month. July’s trade deficit arising from the excess of imports over exports, is significantly higher than the $10.3 billion deficit reported in June 2012.

Year on year comparision shows a trade deficit of $14.8 billion in July 2011.

Imports in July 2012 were $37.9 billion as compared to $41.1 billion in July 2011.

The cumulative figure for the period of April-July 2012 shows exports at $97.6 billion as compared to $102.8 billion in April-July 2011.

Cumulative imports for April-July 2012 stood at $153.2 billion as compared to $163.8 billion in the period April-July of last year..

Trade deficit for the period April-July 2012 was $55.6 billion as compared to $61 billion in the like period of the previous year

A senior trade department official here said India’s overseas sales have dipped after 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 $350 billion would pose a stiff challenge to meet.

Exports between April and June fell 1.7 percent, totalling $75.2 billion. Oil imports for June fell 4.4 percent to $12.7 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.

–Indo-Asian news Service

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