India's Exports Decline 14.8% In July

on September 03 2012 5:07 AM

India's annual exports and imports declined for the third consecutive month in July owing to the weak demand from the U.S. and European countries due to the global economic slowdown.  

http://imagec18.247realmedia.com/RealMedia/ads/Creatives/default/empty.gifExports fell sharply 14.8 percent to $22.4 billion while imports declined 7.6 percent to $37.9 billion on a year-on-year basis, according to the data released by the Ministry of Commerce.

In the April-July period of the current fiscal year, exports dipped 5.06 percent to $97.65 billion from $102.85 billion in the same period last year while imports fell 6.47 percent to $153.2 billion from $163.80 billion in the same quarter last year.

The trade deficit for July stood at $15.5 billion, up from 147.2 billion a year ago. The cumulative trade deficit for the April-July period narrowed to $55.55 billion, compared to the $60.96 billion deficit in the same period last year. 

Oil imports in July stood at $12229.1 million, down 5.52 percent compared to $12943.0 million in the corresponding period last year.  Non-oil imports in July declined 8.57 percent to $25707.1 million, compared to the non-oil imports of $ 28116.7 million in the same month last year.

Oil imports for the April-July period stood at $53814.1 million and non-oil imports for the same period last year was at $99381.5 million.

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