India’s exports in June fell 5.4 percent year-over-year, shrinking for the second straight month as the global economic slowdown hurt the country’s outbound trade volume, according to preliminary figures released by the Commerce Ministry.
Exports for June totaled $25.07 billion, down from $26.51 billion for the same month last year.
Total exports from April through June, the first quarter of fiscal 2012-13, decreased 1.7 percent to $75.20 billion from a year earlier.
“There has been a tremendous dip in world trade,” a senior ministry official said in New Delhi, releasing the latest data.
Imports for June slipped 13.5 percent to $35.37 billion year-on-year, pulling the trade imbalance down to $10.3 billion from $16.3 billion in May.
Overall imports during April to June dropped 6.1 percent to $115.26 billion, and the trade gap for the first quarter was estimated at $40 billion.
The ongoing deceleration in demand for Indian goods in major global markets, especially the European Union and the U.S., is expected to put severe pressure on government efforts to accelerate the country’s export volume, targeted at $360 billion in fiscal 2012-13 and $500 billion by 2013-14.