SME Times News Bureau | 14 Aug, 2012
Country's July exports declined 14.8 percent, according to data released in New Delhi on Tuesday.
Exports stood at USD 22.4 billion compared to July 2011 when they were USD 26.3 billion.
India's trade deficit widened to USD 15.5 billion for the month. July's trade deficit arising from the excess of imports over exports, is significantly higher than the USD 10.3 billion deficit reported in June 2012.
Year on year comparision shows a trade deficit of USD 14.8 billion in July 2011.
Imports in July 2012 were USD 37.9 billion as compared to USD 41.1 billion in July 2011.
The cumulative figure for the period of April-July 2012 shows exports at USD 97.6 billion as compared to USD 102.8 billion in April-July 2011.
Cumulative imports for April-July 2012 stood at USD 153.2 billion as compared to USD 163.8 billion in the period April-July of last year..
Trade deficit for the period April-July 2012 was USD 55.6 billion as compared to USD 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 USD 350 billion would pose a stiff challenge to meet.
Exports between April and June fell 1.7 percent, totalling USD 75.2 billion. Oil imports for June fell 4.4 percent to USD 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.
