New Delhi, Aug 1 (PTI): India's exports contracted for the second consecutive month, year on year, going down in June by 5.45 per cent to $25 billion on account of growing economic uncertainties in the Western markets.
Imports dipped more sharply, by 13.46 per cent to $35.37 billion during the month, compared to $40.8 billion in June 2011, resulting in a narrower trade deficit of $10.3 billion.
According to the data released by the Commerce Ministry on Wednesday, exports during the April-June quarter of 2012-13 fiscal dipped by 1.7 per cent to $75.2 billion, from $76.5 billion in the same period last fiscal.
Imports during the quarter dipped by 6.10 per cent to $115.25 billion, from $122.74 billion in the first quarter of 2011-23 fiscal.
The trade deficit during the quarter was $40 billion.
Commerce Secretary S R Rao has said that exports are declining because the world over there has been a tremendous dip in trade, in view of global economic slowdown.
Oil and non-oil imports during June too declined by 4.43 per cent and 17.80 per cent to $12.68 billion and $22.68 billion respectively.
During the April-June period, oil imports were valued at $41.58 billion, which was 5.48 per cent higher than $39.42 billion in the corresponding period last year.
Non-oil imports during the quarter declined by 11.57 per cent to $73.67 billion.