India's exports see first decline since 2009-10

Business

oi-Sunil

By Sunil Fernandes

Published: Thursday, April 18, 2013, 12:13 [IST]

India's exports fell by 1.76 percent to $300.6 billion in the fiscal year 2012/13, the first decline since 2009/10 and a driver of a record current account deficit, a Reuters report has said.

The 2012/13 trade deficit was about $191 billion, the report quoted Trade Minister Anand Sharma as saying.

India's falling exports and rising imports has pushed the trade deficit and the current account deficit higher, raising worries over its impact on the currency.

However, the recent decline in gold prices and crude oil augurs well for the country as it would reduce imports and help India's current account deficit.

Foreign funds too have not been participating in a big way and inflows which help to support the rupee has dried up.

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