May 15 – India’s exports dropped by 33 percent in April to US$10.79 billion compared to the year earlier as the effects of the global recession continue to resonate.
This is the seventh month in a row that exports have contracted. “This was expected with the global slowdown and contraction of 9 percent in world trade as per the World Trade Organization’s report,” Commerce Secretary G. K. Pillai told The Wall Street Journal. “We are going to see this trend in the next three-four months till about August. Then it will pick up again.”
According to reports, merchandise exports for the fiscal year ended March 31 totaled US$168.7 billion, an increase of 3.4 percent from a year earlier, but lower than the government expectations.
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