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India's foreign trade contracts

Published By United Press International
NEW DELHI, July 13 (UPI Asia) -- Indian exports contracted by 5.45 percent to $25.1 billion in June while imports fell by 13.46 percent to $35.3 billion, compared to the same month in the previous year.

The reduction in imports has contracted the country's trade deficit by 13 percent or about $10.3 billion, a senior trade ministry official said.

The trade deficit in April-June quarter declined to $40.06 billion from $46.30 billion in the same quarter last year.

Indian oil imports, which are the largest contributor to the country's import bill, contracted in May by 18 percent to $12.6 billion from $15 billion in the same month in the previous year.

India's declining foreign trade figures come on the same day when China announced a second quarter growth rate of 7.6 percent - its lowest GDP growth rate in three years.

The Indian economy is facing declining growth rates, high inflation and steep depreciation in the value of the rupee, the country's currency. The rupee has devalued by about 20 percent against the dollar in the last one year.
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