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  3. Indian exports declines by 5.5% in June

Indian exports declines by 5.5% in June

02 Aug 2012 Evaluate

Reflecting both weak global demand, as well as likely supply side issues the Indian exports have extended their declining trend for the second straight month in June. Impact of slowdown in US, European nations, China and Japan was clearly visible on the Indian exports, which fell by 5.5% to $25 billion in June, compared with $26.5 billion in the corresponding month last year, while imports declined by 13.5% to $35.4 billion, compared with $40.9 billion in June 2011.

As the imports declined sharply, the trade deficit for June fell to $10.31 billion from $14.4 billion in June 2011. For the quarter ended June too, the trade deficit narrowed to $40.05 billion from $46.23 billion in the corresponding period last year. Cumulative value of exports for the period April-June 2012-13 was $75.20 billion compared to $76.51 billion, down by 1.70% in Dollar terms, however in Rupee terms it registered  a growth of 18.97% to Rs 407055.99 crore from Rs 342163.55 crore in the same period last year.

In June, non-oil imports fell 17.80% to $22.68 billion, compared with $27.59 billion in the year-ago month, indicating a slowdown in the domestic economy and a fall in demand by the Indian industry. Oil imports during April-June, 2012-13 were valued at $41585.0 million higher by 5.48% from $39425.0 million in the corresponding period last year.

Non-oil imports during the April-June period fell 11.6% to $73.7 billion, compared with $83 billion in the corresponding period of the previous year. Non-oil imports during April-June, 2012-13 too were down by 11.57% to $73.67 billion compared to $83.32 billion in April-June, 2011-12.

Weak exports and wide trade and current account deficits have added to India’s economic growth outlook, which slipped to a nine-year low of 6.5% in 2011-12. With markets in euro-zone, US, China and Japan still not showing healthy growth, the situation may worsen further for the Indian export.

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