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The main reason for the decline in imports and trade deficit was dip in gold and silver imports, Director General of Foreign Trade (DGFT) Anup Pujari said
India's exports contracted by 4.6%, for the second consecutive month, to $23.79 billion in June 2013 compared to that in the year-ago period.
Imports too declined marginally by 0.37% to $36 billion in the month, leading to a trade deficit of $12.2 billion. In May, the trade gap stood at $20.1 billion.
The main reason for the decline in imports and trade deficit was dip in gold and silver imports, Director General of Foreign Trade (DGFT) Anup Pujari said.
Gold and silver imports in June decreased to $2.45 billion from $8.4 billion in May.
Cumulatively, exports during April-May too dipped by 1.41% to $72.45 billion. However, imports during the period were up by 5.99% to $122.6 billion.
“Decline in gold and silver imports could be attributed to the steps taken by the government and the RBI,” Pujari said.
Oil imports in June grew by 13.74% to $12.76 billion from $11.22 billion in the same period last year. On the other hand, non-oil imports declined by 6.7% to $23.2 billion.
India's trade deficit worsened sharply in May, after improving in March due to seasonality. This likely explains why the rupee has been weak despite large portfolio inflows, says Nomura
During the April-June quarter, exports shrunk 1.7% to $75.2 billion while imports also dipped 6.1% to $115.26 billion from same period last year
New Delhi: India's exports contracted by 5.45%, year-on-year basis, to $25.07 billion in June due to the persisting global economic slowdown, reports PTI.
Imports also declined by 13.46% to $35.37 billion, leaving a trade deficit of $10.3 billion, according to the Director General of Foreign Trade A Pujari.
Meanwhile, Commerce Secretary SR Rao told reporters that, "Exports have contracted but trade deficit is also coming down."
During the April-June quarter of this fiscal exports have shrunk 1.7% to $75.2 billion over the first quarter of 2011-12. Imports have also dipped by 6.1% during the first quarter of 2012-13 to $115.26 billion.
Trade deficit in Q1 has declined to $40.06 billion, from $46.30 billion in April-June last fiscal.