India’s foreign trade tumbles in July; exports down over 28%

01 September 2009 13:16  [Source: ICIS news]

SINGAPORE (ICIS news)--India's foreign trade fell substantially in July as the global economy struggled to emerge from a deep downturn, government data showed on Tuesday.

The country’s exports in July declined 28.4% year on year to $13.62bn (€9.53bn), with imports falling 37.1% from July 2008 levels to $19.62bn, India’s Ministry of Commerce and Industry said in a statement.

India recorded a trade deficit of $28.9bn in the first four months of its current fiscal year that ends in March 2010, the ministry said.

Exports in the April-July period were down 34.1% year on year to $49.65bn, while imports fell 32.5% from the same period in 2008 to $78.56bn, it said.

India's economy grew at a faster annual rate of 6.1% in the June quarter, compared with 5.8% recorded in the March quarter, which was aided by the government's fiscal stimulus measures, the ministry said.

($1 = €0.70)

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