India’s exports fall for seventh straight month in June
Imports, meanwhile, declined 13.4% on the year to $33.12 billion in June, bringing India’s trade deficit to $10.83 billion, up from $10.41 billion in May. The decrease in imports was attributed to plunging oil prices.
Some economists commented that if the weak trend in exports continues, the country will post a lower than expected growth rate while others predicted that India’s exports will pick up in line with an expected recovery in the global economy. Goldman Sachs also reported that because of ongoing weakness in both exports and imports, it is unlikely that exports will be a big driver of GDP growth this year.
The Indian government aims to increase their goods and services exports to $900 billion in the next four years. The government also targets that India’s economy will grow by over 8% in 2015 and 2016.
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