Driven by the weak demand in traditional markets such as Europe and the US, India's export, which is largely consumed by these developed economies, slumped by 14.80% - steepest dive in three years-to $ 22442.96 million in July 2012, lower than the level of $ 26340.73 million (Rs. 116998.69 crore) during July, 2011. The cumulative value of exports in the first four months (April-July) of the current financial year stood at $ 97646.92, lower by 5.06% than the $102848.24 million recorded during the corresponding period of last year. India has set an export target of over $360 billion for the current fiscal 2012-13 after crossing the $300-billion mark last fiscal.
Imports into the country for the month under review stood at $37936.18 million, representing a negative growth of 7.61% (in Dollar terms) over the level of imports valued at $41059.75 million in July, 2011. While, cumulative value of imports for the period April-July, 2012-13 was $153195.59 million, as against $ 163801.20 million, registering a negative growth of 6.47% in dollar terms.
This notable decline in exports in July has resulted in ballooning up of the nation’s trade deficit to $15493.22 million for the month under review, as against $14719.02 million in same month previous year. However, a cumulative trade deficit in April-July period of the current fiscal was recorded lower at $55548.67 million, against the deficit of $ 60952.96 million registered in the like period of 2011-12.
Oil imports during July 2012 were valued at $ 12229.1 million, 5.52% lower than oil imports valued at $ 12943.0 million in the corresponding period last year. Oil imports during the first four months of the current fiscal were valued at $ 53814.1 million, 2.76% higher than the oil imports of $ 52368.0 million in the corresponding period last year.
Furthermore, Non-oil imports during July were estimated at $ 25707.1 million, 8.57% lower than non-oil imports of $28116.7 million in July 2011. Non-oil imports during April-July period were valued at $99381.5 million, 10.82% lower than the level of such imports valued at $ 111433.2 in April-July 2011.
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