Exports contract 15% to $22.4 bn in July
4 Sept 2012 6:51 AM IST
India's exports in July contracted 14.8 per cent, steepest fall in three years, to $22.4 billion, mainly due to the demand slowdown in the US and Europe.
Reflecting slowdown in the economy, imports too declined by 7.61 per cent to $37.9 billion in July, leaving a trade deficit of $15.4 billion.
During the April-July period of the current fiscal, the country's shipments have shrunk by 5.06 per cent to $97.6 billion. Imports during the period dipped by 6.47 per cent to $153.2 billion.
Commerce secretary S R Rao has said the European sovereign debt crisis is impacting the world trade and in the US markets too, demand is not picking up.
‘Days coming ahead are tough,’ he has said.According to trade experts it would be difficult to achieve the exports target of $360 billion set up for the current fiscal.
‘Going by the trend so far and the continuous degrading global market condition, I have my grave doubts on achieving the exports target of this fiscal,’ director of Indian Institute of Foreign Trade (IIFT) K T Chaco said.
Chaco said that even market diversification ‘will alone not help Indian exporters till the major markets are down’.
During the first four months of the current fiscal, oil imports grew by 2.76 per cent to $53.81 billion from $52.36 billion in the corresponding period last year.
However, non-oil imports during April-July 2012-13 dipped by 10.82 per cent year-on-year to $99.38 billion. Commenting on the trade data, Ficci President R V Kanoria said the main cause of concern is the need to bring back competitiveness in the economy and also to stimulate investments.
Sharing similar views, Federation of Indian Export Organisations president M Rafeeque Ahmed said the dip in export growth is primarily on account of sluggish global conditions and slowdown in domestic manufacturing.
Reflecting slowdown in the economy, imports too declined by 7.61 per cent to $37.9 billion in July, leaving a trade deficit of $15.4 billion.
During the April-July period of the current fiscal, the country's shipments have shrunk by 5.06 per cent to $97.6 billion. Imports during the period dipped by 6.47 per cent to $153.2 billion.
Commerce secretary S R Rao has said the European sovereign debt crisis is impacting the world trade and in the US markets too, demand is not picking up.
‘Days coming ahead are tough,’ he has said.According to trade experts it would be difficult to achieve the exports target of $360 billion set up for the current fiscal.
‘Going by the trend so far and the continuous degrading global market condition, I have my grave doubts on achieving the exports target of this fiscal,’ director of Indian Institute of Foreign Trade (IIFT) K T Chaco said.
Chaco said that even market diversification ‘will alone not help Indian exporters till the major markets are down’.
During the first four months of the current fiscal, oil imports grew by 2.76 per cent to $53.81 billion from $52.36 billion in the corresponding period last year.
However, non-oil imports during April-July 2012-13 dipped by 10.82 per cent year-on-year to $99.38 billion. Commenting on the trade data, Ficci President R V Kanoria said the main cause of concern is the need to bring back competitiveness in the economy and also to stimulate investments.
Sharing similar views, Federation of Indian Export Organisations president M Rafeeque Ahmed said the dip in export growth is primarily on account of sluggish global conditions and slowdown in domestic manufacturing.
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