India's exports slump by 5.45 percent in June

New Delhi, July 13 (IANS) India's exports fell sharply for the second consecutive month in June due to weak demands in North America and European countries, a senior government official said Friday.

Exports dropped by 5.45 percent to $25.07 billion in June, while imports fell by 13.46 percent to $35.37 billion, leaving a trade deficit of $10.3 billion, Director General of Foreign Trade Anup Pujari told reporters here.

Both exports as well as imports had declined in May also. Exports fell by 4.16 percent to $25.68 billion, and imports declined by 7.36 percent to $41.94 billion in May, leaving a monthly trade deficit of $16.26 billion.

Pujari blamed weak demands in the US and European countries for the recent slowdown in India's exports.

The first three months' data indicate exports are likely to remain sluggish in the coming months and the whole-year target might fall substantially short.

The government has set a target of 20 percent growth in exports in the fiscal 2012-13.

Exports had increased by 20.94 percent to $303.71 billion in the financial year ended March 31, 2012, surpassing the government's target of $300 billion.