India's exports for the month of April dropped 33% to $10.7 billion, a seventh consecutive decline, reported media citing quick estimates available with the Commerce Ministry. In April of 2008, the country's exports totaled $16.07 billion. Simultaneously, the imports too declined 35% to $16 billion during the month from $ 24.82 billion reported in March.
The economic recession in major export markets like the U.S and Europe that contribute to over 40% of Indian exports is the main cause for the decline of the exports. The decline in imports at a faster rate than that of exports has narrowed trade deficit to $5.3 billion in April 2009 compared to $8.75 billion in the same month a year ago.
Analysts anticipate that the recovery would start only after September 2009, when the economy would begin to respond to the stimulus packages. The Indian exports, which have been in negative territory since the second half of the last fiscal year, were able to reach $168 billion for the fiscal year 2008-09 as against the downwardly revised target of $175 billion.
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