India's exports down 29 per cent in June: Sharma
09 Jul 2009
India's exports dropped 29 per cent in June 2009 compared to exports in the same month of the previous year, union minister for commerce and industry Anand Sharma informed the Rajya Sabha on Wednesday.
The export figures for June 2009, to be released by the commerce ministry on 1 August, is expected to be around $11.73 billion over $ 16.52 billion in the year ago month, when exports rose 39.19 per cent month-on-month.
Sharma, however, said the pace of export fall has started receding and the downslide has "hopefully" been arrested.
India's exports have fallen for the ninth month in a row, beginning October 2008 under the impact of the global downturn.
"The global crisis has adversely impacted our exports which have witnessed a downward trend from October 2008 and that decline continued in the months of April-May and also in June," the minister said, adding, "The downtrend hopefully has been arrested."
India's merchandise exports fell 29.2 per cent in May to $11.10 billion, following a 33.2 per cent drop in April to $10.74 billion, he said, adding that the budget measures would help the crisis-ridden export sector.