New Delhi, July 13, - India's exports contracted by 5.45 per cent, year-on-year basis, to USD 25.07 billion in June due to the persisting global economic slowdown.
Imports also declined by 13.46 per cent to USD 35.37 billion, leaving a trade deficit of USD 10.30 billion, according to the Director General of Foreign Trade A Pujari. Meanwhile, Commerce Secretary S R Rao told reporters here, "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 USD 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 USD 115.26 billion.
Trade deficit in Q1 has declined to USD 40.06 billion, from USD 46.30 billion in April-June last fiscal. PTI