Slowdown signs - India exports dip by 29pct and imports down by 39pct in May
Zee News reported that India's exports fell for the 8 month in a row in May, this time by 29.2%, due to global downturn, while imports dropped by 39.2%, reflecting slowdown in domestic consumption.
As the country's total imports, largely influenced by a whopping decline of 60.6% in oil imports, showed a faster pace of contraction than exports, the trade deficit more than halved to USD 5.20 billion in May 2009-10 from USD 11.13 billion in the same month last fiscal.
According to the government, exports dropped to USD 11.01 billion in May from USD 15.55 billion in the same month last year.
Mr Subir Gokarn chief economist of rating agency CRISIL said "It is not surprising this reflects recession in global economies."
Mr A Sakthivel president of Federation of Indian Export Organizations said that the decline would be arrested by September and from October figures would be positive. He said overall exports will be in the range of USD 175 billion to USD 180 billion during the fiscal. We would see double digit growth from January 2010 onwards.
Meanwhile, exports during the April to May period dipped by 31.2% to USD 21.75 billion from the cumulative shipments of USD 31.62 billion in the first two months of the previous fiscal.
(Source : zeenews.com)
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