JOIN USThe only solace in July was imports too fell 37.1 per cent, narrowing the trade deficit to US$5.99 billion or nearly half from US$12.15 billion a year ago. Merchandise exports was US$13.62 billion in the month under review as demand continued to remain depressed.
But Planning Commission said exports would pick up after 2010 when developed markets return to positive growth. During April-July 2009-10, exports contracted to US$49.65 billion from US$75.28 billion. Oil imports in the period dipped by 48 per cent to US$21.96 billion from $42.21 billion in April-July 2008-09. The trade gap during the period was US$28.91 billion, down from US$41.09 billion in April-July 2008-09. Overseas shipments grew by meagre 3.4 per cent to US$168.7 billion in 2008-09.