India's exports contracted for the second consecutive month in June by 5.45 per cent, year-on-year, to $25 billion on account of growing economic uncertainties in the Western markets.
Imports dipped more sharply, by 13.46 per cent 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 on Wednesday, exports during the April-June quarter of 2012-13 fiscal dipped by 1.7 per cent to $ 75.2 billion, from $ 76.5 billion in the same period last fiscal.
Imports during the quarter dipped by 6.10 per cent 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 the markets in the euro zone, the US, China and Japan are still not showing healthy growth and these are signs of global recession.
Oil and non-oil imports during June too declined by 4.43 per cent and 17.80 per cent 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 per cent higher than $39.42 billion in the corresponding period last year.
Non-oil imports during the quarter declined by 11.57 per cent to $73.67 billion.
‘The contraction in global demand and deceleration in manufacturing are primary reason for decline in exports,’ Federation of Indian Export Organisations (FIEO) president Rafeeque Ahmed said on Wednesday.
Experts expressed relief over narrowing trade deficit.
‘Trade deficit has come down. We expect it to be under control in the coming months,’ international trade expert with Indian Institute of Foreign Trade (IIFT) Rakesh Mohan
Joshi said.
The government has set a target of 20 per cent growth in exports in the fiscal 2012-13.
Imports dipped more sharply, by 13.46 per cent 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 on Wednesday, exports during the April-June quarter of 2012-13 fiscal dipped by 1.7 per cent to $ 75.2 billion, from $ 76.5 billion in the same period last fiscal.
Imports during the quarter dipped by 6.10 per cent 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 the markets in the euro zone, the US, China and Japan are still not showing healthy growth and these are signs of global recession.
Oil and non-oil imports during June too declined by 4.43 per cent and 17.80 per cent 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 per cent higher than $39.42 billion in the corresponding period last year.
Non-oil imports during the quarter declined by 11.57 per cent to $73.67 billion.
‘The contraction in global demand and deceleration in manufacturing are primary reason for decline in exports,’ Federation of Indian Export Organisations (FIEO) president Rafeeque Ahmed said on Wednesday.
Experts expressed relief over narrowing trade deficit.
‘Trade deficit has come down. We expect it to be under control in the coming months,’ international trade expert with Indian Institute of Foreign Trade (IIFT) Rakesh Mohan
Joshi said.
The government has set a target of 20 per cent growth in exports in the fiscal 2012-13.