JOC Staff | Aug 14, 2012 8:22AM EDT
A 14.8 percent year-over-year decline in Indian exports in July pushed the country’s trade deficit up 5 percent to $15.5 billion from $14.8 billion a year earlier.
Exports for July were estimated at $22.4 billion, down from $26.3 billion for the same month last year, according to provisional figures released by the Commerce Ministry.
Total exports from April through July, the first four months of fiscal 2012-13, decreased 5.06 percent year-over-year to $80.44 billion.
“Based on current indications, it would be a tough challenge to meet the export target of $360 billion in this fiscal year (ending March 31, 2013),” a ministry official said, announcing the latest data.
Imports for July slipped 7.61 percent to $37.9 billion year-on-year. Imports during April to July fell 6.5 percent to $153.2 billion, pulling the trade imbalance down to $72.8 billion from $75.4 billion for the corresponding months last year.
India exported a record $303.7 billion worth of goods in fiscal 2011-12, which ended March 31, and aims to accelerate outbound trade to $500 billion by fiscal 2013-14.