Advertisement

HindustanTimes Fri,19 Sep 2014

India's exports slump by 5.45% in June

IANS  New Delhi, July 13, 2012
First Published: 14:24 IST(13/7/2012) | Last Updated: 14:49 IST(13/7/2012)

India's exports fell sharply for the second consecutive month in June due to weak demands in North America and European countries, a senior government official said on Friday.

Advertisement

Exports dropped by 5.45% to $25.07 billion in June, while imports fell by 13.46% to $35.37 billion, leaving a trade deficit of $10.3 billion, director general of foreign trade Anup Pujari told reporters.

Both exports as well as imports had declined in May also. Exports fell by 4.16% to $25.68 billion, and imports declined by 7.36% to $41.94 billion in May, leaving a monthly trade deficit of $16.26 billion.

Pujari blamed weak demands in the US and European countries for the recent slowdown in India's exports.

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% growth in exports in the fiscal 2012-13.

Exports had increased by 20.94% to $303.71 billion in the financial year ended March 31, 2012, surpassing the government's target of $300 billion.


Advertisement
more from Business

Oracle's Ellison steps aside, co-CEOs Catz and Hurd take over

Larry Ellison, co-founder and leader of Oracle Corp for 37 years, stepped aside as chief executive officer on Thursday, to be replaced by co-CEOs Safra Catz and Mark Hurd, raising questions about a job-sharing arrangement that has had a fraught record elsewhere.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved