New Delhi(PTI): India’s exports contracted for the second consecutive month in June by 5.45 per cent, year-on- year, to USD 25 billion on account of growing economic uncertainties in the Western markets.
Imports dipped more sharply, by 13.46 per cent to USD 35.37 billion during the month, compared to USD 40.8 billion in June 2011, resulting in a narrower trade deficit of USD 10.3 billion.
According to the data released by the Commerce Ministry today, exports during the April-June quarter of 2012-13 fiscal dipped by 1.7 per cent to USD 75.2 billion, from USD 76.5 billion in the same period last fiscal. Imports during the quarter dipped by 6.10 per cent to USD 115.25 billion from USD 122.74 billion in the first quarter of 2011-23 fiscal.
Trade deficit during the quarter stood at USD 40 billion. Commerce Secretary S R Rao has said that exports are declining because the world over there has been a tremendous dip in trade, in view of global economic slowdown.
Oil and non-oil imports during June too declined by 4.43 per cent and 17.80 per cent to USD 12.68 billion and USD 22.68 billion respectively. During the April-June period, oil imports were valued at USD 41.58 billion, which was 5.48 per cent higher than USD 39.42 billion in the corresponding period last year.
Non-oil imports during the quarter declined by 11.57 per cent to USD 73.67 billion.