New Delhi, July 13, (PTI): India's exports contracted by 5.45 per cent, year-on-year basis, to US$25.07 billion in June due to the persisting global economic slowdown.
Imports also declined, by 13.46 per cent to $35.37 billion, leaving a trade deficit of $10.30 billion, according to the Director General of Foreign Trade, A Pujari.
Meanwhile, Commerce Secretary S R Rao told reporters here that “Exports have contracted but trade deficit is also coming down.”
During the April-June quarter of this fiscal, exports have shrunk 1.7 per cent to $75.2 billion over the first quarter of 2011-12. Imports have also dipped, by 6.1 per cent, during the first quarter of 2012-13 to $115.26 billion.
The trade deficit in Q1 has declined to $40.06 billion, from $46.30 billion in April-June last fiscal.