<p>The 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. <br />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.</p>
<p>The 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. <br />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.</p>