India’s exports nosedived nearly 15 per cent to $22.4 billion in July

India's exports declined 14.8 per cent year-on-year to $22.4 billion in July 2012, while its imports declined at a lower pace of 7.6 per cent to $37.9 billion, leaving a trade deficit of $15.49 billion for the month alone.

Exports during July 2012 were valued at $22.44 billion (Rs1,24,546.75 crore), which was down 14.80 per cent in dollar terms and 6.45 per cent higher in rupee terms compared to the level of $26.34 billion (Rs1,16,998.69 crore) during July 2011, official date released today showed.

This is the steepest fall in the country's exports in the past three years and the commerce ministry attributes this to the slowing demand for Indian goods in the traditional markets of Europe and the US.

The decline in imports was slower since oil imports fell by just 5.5 per cent to $12.22 billion during the month although non-oil imports dropped 8.6 per cent to $25.71 billon.

Imports during July 2012 were valued at $37.94 billion (Rs2,10,526.07 crore), showing a negative growth of 7.61 per cent in dollar terms and a growth of 15.43 per cent in rupee terms over the level of imports valued at $41.06 billion (Rs1,82,376.73 crore) in July 2011.

Cumulative value of exports for the period April-July 2012-13 was $97.65 billion (Rs5,31,602.74 crore) against $102.85 billion (Rs4,59,162.24 crore), registering a negative growth of 5.06 per cent in dollar terms and a growth of 15.78 per cent in rupee terms over the same period last year.