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| Export decline since Oct continues in June, too |
| BS Reporter / New Delhi Aug 04, 2009, 01:06 IST |
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Fall of 28 per cent, Y-o-Y; non-oil imports fell for sixth month.
Exports of goods during June fell 28 per cent to $12.8 billion from $17.7 billion in the same month last year, dipping for the ninth month in a row due to a slowdown in major global markets.
Cumulatively, exports fell 31.3 per cent in dollar terms to $35.43 billionin the first quarter, compared to $51.54 during April-June 2008. Simultaneously, imports too fell by over 29 per cent to $18.9 billion in June, for the sixth successive month, largely due to an over 50 per cent slump in the crude oil import bill, bringing down the country’s trade deficit by over 32 per cent to $6.16 billion in June this year from $9.12 billion in the same month last year.
Oil imports in June declined to $4.9 billion, falling by 51 per cent over the same month last year. In the first three months of 2009-10, the oil import bill slumped nearly 57 per cent at $12.7 billion, down from $29.5 billion in the year-ago period. This was largely due to the high base effect, since crude oil peaked last year around the same time.
Non-oil imports, too, including capital goods and raw materials, decreased by nearly 16 per cent at $13.9 billion this June, compared with $16.7 billion in the same month last year.
Exports slid 29.2 per cent in May after they had plunged 33.26 percent in March. Reacting to the trade data released by the government today, the Federation of Indian Chambers of Commerce and Industry said, “Negative growth in our exports since October 2008 is disturbing..it is imperative that the forthcoming foreign trade policy addresses exporters’ difficulties effectively and the momentum in export growth be restored. Another worrying factor is the decline in non-oil imports for six successive months. It reflects rather weak demand in the economy.”
The government is likely to announce the Foreign Trade Policy later this month, in which incentives for fueling the growth of India’s exports and imports is likely to be spelt out.
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