New Delhi: India's exports slumped 14.8 percent to USD 22.44 billion in July as compared to USD 26.34 billion recorded during the corresponding month in 2011 due to lower demands in North America and Europe, government data showed on Monday.

The cumulative value of exports in the first four months of the current financial year stands at USD 97.64 billion, 5.06 percent lower than the USD102.85 billion recorded during the corresponding period of last year. Imports dropped 7.61 percent to USD37.93 billion in July, leaving a monthly trade deficit of USD15.49 billion, according to data released by the commerce ministry.

The first four months' data indicate exports are likely to remain sluggish in the coming months and the whole year target might fall substantially short.

The government has set a target of USD 360 billion of exports in the current financial year. Exports had increased by 20.94 percent to USD 303.71 billion in financial year ended March 31, 2012, surpassing the government's target of USD 300 billion.

The ministry said the lingering economic crisis in the European countries and North America has severely affected India's foreign trade, especially exports.

The cumulative value of imports for the period April-July 2012-13 was USD 153.19 billion, 6.47 percent down from the USD 163.80 billion registered during the corresponding period of 2011-12.

With decline in both exports and imports, trade deficit has also narrowed. In April-July period of the current fiscal, a cumulative trade deficit of USD 55.55 billion was recorded, which is lower than the deficit of USD 60.95 registered in the like period of 2011-12.

Oil imports during July 2012 were valued at USD 12.23 billion, 5.52 percent lower than oil imports valued at USD 12.94 billion in the corresponding period last year.

Oil imports during the first four months of the current fiscal were valued at USD 53.81 billion, 2.76 percent higher than the oil imports of USD 52.36 billion in the corresponding period last year.

Non-oil imports during July were estimated at USD 25.70 billion, 8.57 percent lower than non-oil imports of USD 28.11 billion in July 2011.

Non-oil imports during April-July period were valued at USD99.38 billion, 10.82 percent lower than the level of such imports valued at USD111.43 billion in April-July 2011.


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