Monsoon rains 4 pct above average in past week

NEW DELHI (Reuters) - Monsoon rains were 4 percent above average in the week that ended on July 3, data from the weather office showed on Thursday, reflecting slowdown in the torrential rains early in the season that caused fatal floods in northern India.

In the first five weeks of the monsoon season that began on June 1, the rains had been 27 percent above average as this year's monsoon covered the whole country in record time, almost a month ahead of schedule.

Flash floods and landslides unleashed by the early monsoon rains killed hundreds in the north and left thousands missing.

But key crops are not grown in flood-hit areas and cane crop in the nearby area was saved as flood waters subsided swiftly enough to shift stagnant water that could have caused damage.

In general, above average early rains help moisten the soil, enabling better preparation for seeds and early planting. The June to September monsoon season is crucial for the 55 percent of India's farmland without irrigation.

An average monsoon means higher rural income in the farm dependent world's second most populous country, improving sales of everything from cars, gold to refrigerators.

(Reporting by Ratnajyoti Dutta and Annie Banerji; editing by Nidhi Verma)