India`s July exports fall 28.4% yoy

India's merchandise exports fell 28.4% to US$13.6bn in July and imports declined 37.1% to US$19.6bn, resulting in a trade deficit of US$6bn for the month from US$12.15bn in the same month a year earlier, data released by the Commerce Ministry showed. In Indian Rupee terms, exports in July were down 19% over the year-ago period while imports slid 28.8% in Rupee terms.

Exports for the first four months of the current financial year (April-July 2009-10) were down 34.1% at US$49.65bn as compared to the same period in the previous fiscal year. Cumulative imports for the period were down 32.5% at US$78.56bn. In Rupee terms, exports and imports fell by 23.5% and 21.7%, respectively over the corresponding period of the last fiscal year. The trade deficit for April-July 2009-10 stood at US$28.91bn versus the deficit of US$41.09bn during the same period last year.

Oil imports during July 2009 were down 55.5% at US$5.64bn while non-oil imports during the month fell by 24.5% to US$13.98bn. Oil imports during April-July 2009-10 were down 48% at US$21.96bn while non-oil imports during the first four months of FY10 fell by 23.7% to US$56.6bn.