India's July exports fall 26 per cent; imports down 35 per cent
18 Aug 2009
India's merchandise exports fell 26 per cent in July while the value of its imports shrank 35-36 per cent as the country's trade continued to decline for the 10th straight month.
The country's balance-of-trade account, however, improved in July as imports declined at a faster pace, commerce secretary Rahul Khullar said at a workshop on agricultural exports today.
Cumulative exports from the country have fallen 32 per cent on a year-on-year basis, Khullar said.
"Cumulatively, April-July exports are down 32 per cent," he said, adding, "So the bad run continues."
He said the fall in the value of imports has been due to a decline in the price of crude oil - the single largest component of the country's exports, while the weak global demand has hurt exports.
Merchandise exports from the country had slipped to $12.81 billion in June, down 27.7 per cent from a year earlier, after falling 29.2 per cent in June. Imports had fallen 29.3 per cent from a year earlier in June to $18.98 billion.
