NEW DELHI, India (NNN-Bernama) -- India's exports contracted for the second consecutive month in June by 5.45 per cent, year-on-year, to US$25 billion on account of growing economic uncertainties in the Western markets.
Press Trust of India (PTI) reported that imports dipped more sharply, by 13.46 per cent to US$35.37 billion during the month, compared to US$40.8 billion in June 2011, resulting in a narrower trade deficit of US$10.3 billion.
According to the data released by the Commerce Ministry on Wednesday, exports during the April-June quarter of 2012-13 fiscal dipped by 1.7 per cent to US$75.2 billion, from US$76.5 billion in the same period last fiscal.
Imports during the quarter dipped by 6.10 per cent to US$115.25 billion from US$122.74 billion in the first quarter of 2011-23 fiscal. Trade deficit during the quarter stood at US$40 billion.
India's 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 US$12.68 billion and US$22.68 billion respectively.
During the April-June period, oil imports were valued at US$41.58 billion, which was 5.48 per cent higher than US$39.42 billion in the corresponding period last year.
Non-oil imports during the quarter declined by 11.57 per cent to US$73.67 billion. -- NNN-BERNAMA
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