India’s Exports slipped by 5.45 Percent in June 2012

According to the data released by the Commerce Ministry on 1 August 2012 India’s exports in June slipped by 5.45 per cent, year-on- year, to 25 billion dollar on account of sluggish global economy.

Imports dipped more sharply, by 13.46 per cent to 35.37 billion dollar during the month, compared to 40.8 billion dollar in June 2011, resulting in a narrower trade deficit of 10.3 billion dollar.

The data reveled that, exports during the April-June quarter of fiscal year 2012-13 dipped by 1.7 per cent to 75.2 billion dollar, from 76.5 billion dollar during the corresponding period of fiscal year 2011-12. Imports during the quarter also witnessed a slump as it dipped by 6.10 per cent to 115.25 billion dollar from 122.74 billion dollar in the same quarter of 2011-12.

Trade deficit during the April June quarter stood at 40 billion dollar, which was lower than the deficit of 46 billion dollar during April -June, 2011-12.

The decline in exports and imports is largely attributed to pessimistic economic environment world over. State of economic uncertainties in western economies has added to the woes of ailing world trade.