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India’s exports fall for seventh straight month in June

by ChemOrbis Editorial Team - content@chemorbis.com
  • 16/07/2015 (12:03)
According to media reports, India’s exports posted their seventh consecutive monthly decline in June, sliding 15.82% from a year earlier to $22.29 billion due to persistently weak global demand as well as high borrowing costs and a relatively strong rupee, which is hurting the competitiveness of Indian goods in global markets.

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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