Moody's sees export revival only in 2010

The imports may recover faster, thanks to a strong demand, it said.

However, it said, a “solid climb in exports is not expected until well into 2010” when major economies would be back on a firm footing.

India’s exports declined by 27.7 per cent in June over the same month last year, contracting for the ninth month in a row due to a demand slowdown in major global markets.

Imports dipped for the sixth straight month by 29.3 per cent to US$18.97 billion in June over the month a year ago. Moody’s said the imports are “expected to recover at a faster pace than exports, thanks to relatively solid demand in India.”