Indian exports fall by 28 per cent

New Delhi, Aug. 3 (ANI): Recording a slip of 28 per cent in exports in June, India's overseas sales fell for the ninth straight month due to the global economic slump, government data revealed on Monday.

Amid shrinking demand for made-in-India goods, shipments slid 28 per cent to 12.8 billion dollars from 17.73 billion dollars during the same month last year.

The figures came ahead of an announcement planned later this month of the government's annual trade policy for the fiscal year to March 2010, which is expected to offer more assistance to hard-pressed exporters.

Imports have also dipped, by 29.3 per cent to 19 billion dollars, reflecting the decline in global oil prices and a slowdown in domestic demand.

According to the World Trade Organization forecast, global trade will shrink by nine to 11 per cent this year because of the recession in developed countries.

Last week, commerce minister Anand Sharma said that the global slowdown had "adversely impacted our trade."

Exports account for just 15 per cent of gross domestic product in India, which is still relatively inward-looking economy unlike China.

Economists say this has partially shielded India from the worst global downturn.

However, the fall in exports has left some industries, such as garments and jewellery, reeling and created widespread job losses. (ANI)