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07-13-2013, 04:48 AM #1
Slump in gold imports helps bring down trade deficit
India's exports contracted by 4.6 per cent in June to $23.79 billion in June 2013 compared to that in the year-ago period.
Imports too declined marginally by 0.37 per cent to $36 billion in the month, leading to a trade deficit of $12.2 billion. In May, the trade gap stood at $20.1 billion.
The main reason for decline in imports and trade deficit was dip in gold and silver imports, Director General of Foreign Trade (DGFT) Anup Pujari said.
Gold and silver imports in June decreased to $2.45 billion from $8.4 billion in May.
Cumulatively, exports during April-May too dipped by 1.41 per cent to $72.45 billion. However, imports during the period were up by 5.99 per cent to $122.6 billion.
"Decline in gold and silver imports could be attributed to the steps taken by the government and the RBI," Pujari said.
Oil imports in June grew by 13.74 per cent to $12.76 billion from $11.22 billion in the same period last year.
On the other hand non-oil imports declined by 6.7 per cent to $23.2 billion.