India's exports slump by 5.45% in June
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 today.business Updated: Jul 13, 2012 14:49 IST
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.
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.