India’s current account deficit narrows as trade dips

India ended fiscal first quarter (April-June 2012-13) with a cumulative trade deficit of $40.05 billion, lower than the current account deficit of $46.30 billion recorded in April-June of the previous financial year.

The country exported goods and services worth $75.20 billion during the April-June 2012-13 quarter against imports of $115.26 billion as the countries exports continued to lag imports.

Quarterly imports for April-June 2012 showed a negative growth of (-) 6.10 per cent while exports for the quarter showed a negative growth of (-) 1.7 per cent.

Imports in June 2012, at $35.37 billion, however, were down 13.46 per cent compared to June 2011 levels, due mainly to a sharp decline in global oil prices.

Exports, at $25.1 billion, were down 5.45 per cent in June from a year earlier level, when it stood at $26.51 billion.

Trade deficit for the month was also lower at $10.3 billion compared to the previous month, Anup Pujari, director general of foreign trade, told reporters today.