India’s exports contracted by 5.45 per cent,year-on-year basis,to USD 25.07 billion in June due to the persisting global economic slowdown.
Imports also declined by 13.46 per cent to USD 35.37 billion,leaving a trade deficit of USD 10.30 billion,according to the Director General of Foreign Trade A Pujari.
Meanwhile,Commerce Secretary S R Rao told reporters here,”Exports have contracted but trade deficit is also coming down.”
During the April-June quarter of this fiscal exports have shrunk 1.7 per cent to USD 75.2 billion over the first quarter of 2011-12. Imports have also dipped by 6.1 per cent during the first quarter of 2012-13 to USD 115.26 billion.
Trade deficit in Q1 has declined to USD 40.06 billion,from USD 46.30 billion in April-June last fiscal.