BS reported that India’s exports dropped by 28.4% in July 2009 up by 2% than the earlier estimate to USD 13.6 billion from USD 19 billion in the same month last year, dipping for the tenth straight month due to the continuing slowdown in major global markets.
As per report cumulatively exports fell by 34.1% in dollar terms to USD 49.65 billion in the four months ended July as compared with USD 75.2 billion during the same period last fiscal.
Simultaneously, imports too fell by over 37% to USD 19.6 billion in July for the seventh successive month, largely due to an over 55% slump in the crude oil import bill, bringing down the country’s trade deficit by over 50% to USD 5.99 billion in July this year from USD 12.15 billion in the same month last year.
Oil imports in July declined to USD 5.63 billion, falling by 55.5% over the same month last year. In the first four months of 2009-10, the oil import bill slumped nearly 48% at USD 21.9 billion down from USD 42.2 billion in the year ago period.
Non oil imports too including capital goods and raw materials, decreased by nearly 24.5% at USD 13.9 billion this July, compared with USD 18.5 billion in the same month last year.
Source : Business Standards