India’s exports fell for the ninth month in a row due to the global economic downturn. According to the latest trade data released by the commerce ministry, exports in June dipped 27.7%. Imports also dropped by 29.3%, reflecting slowdown in domestic consumption and mainly because of a 51% decrease in oil import. As the fall in imports is steeper than that in exports, the trade deficit in June 2009 has contracted to $6.2 billion from $9.1 billion in the same month of the last financial year. Exports dipped to $12.8 billion in June from $17.7 billion in the same month of the last financial year.
No comments:
Post a Comment