By IANS,
New Delhi : India’s exports fell for the sixth consecutive month, dropping a sharp 10.78 percent in September to $23.69 billion, due to weak demand in the US and European markets, government data showed Thursday.
Imports increased 5.09 percent to $41.77 billion in September, leaving a monthly trade deficit of $18.08 billion.
The cumulative value of exports for the April-September period was $143.67 billion, down 6.79 percent from $154.14 billion registered during the corresponding period of last year, according to data released by the ministry of commerce and industry here.
The total value of imports during the first six months of the current financial year declined 4.36 percent to $232.92 billion as compared to $243.54 billion registered during April-September 2011.
Trade deficit for the first six months of the current financial year is $89.25 billion, marginally lower than $89.39 billion deficit recorded during the corresponding period of 2011-12.
Expressing concern over the recent slump in India’s foreign trade, chairman of Apparel Export Promotion Council (AEPC) A. Sakthivel said rising costs and weak demand were hurting Indian exporters.
“To reduce the vulnerabilities to the external shocks, the government needs to build fiscal space, reduce the short-term debt exposure and create buffers that allow them to react in a resilient manner,” Sakthivel said.
Sakthivel said the appreciation of the rupee would also hurt exports.