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New Delhi: India's exports continued to head south for the seventh month in a row, slipping 33% from a year-ago period in April due to falling demand from the US and European markets, even as commerce secretary G K Pillai said it was on expected lines and saw an uptick after 3-4 months.
A sharp drop of 33% in export consignments to $10.79 billion in April 2009 over a year-ago period was "expected...with global slowdown and contraction of 9% (in) global trade,'' Pillai said on the sidelines of a Ficci seminar on the Doha round on Thursday. He said the downward trend in exports would continue for the next three-four months before picking up again.
Imports too were down by 32% in the opening month of the current fiscal. The official data, however, for April will be released on June 1, giving details of exports, imports and the trade deficit. Exports had dipped 33.3% in March, the highest drop in over a decade, while the country's exports aggregated $168.70 billion in 2008-09, managing a paltry growth rate of 3.4%.
On the issue of the Doha round, Pillai told the gathering India is not expecting a breakthrough in the WTO talks as long as the economic situation in the US remains precarious. "The US is doing home work. I think so long the economic situation of the US is bad, domestic political compulsions are going to be there...''
Pillai said the Obama administration is busy convincing the Congress about the Doha deal.
Inflation falls
to 0.48%
New Delhi: After rising for three consecutive weeks, inflation fell to 0.48% for the week ended May 2, even as essential food items like pulses, cereals and vegetables ruled high. For the ninth week in a row, inflation stood below the one per cent mark, which may prompt the RBI and banks to cut interest rates. Year-on-year, prices of cereals went up over 11%, pulses 14.8%, and fruit and vegetables 5.5%. AGENCIES
A sharp drop of 33% in export consignments to $10.79 billion in April 2009 over a year-ago period was "expected...with global slowdown and contraction of 9% (in) global trade,'' Pillai said on the sidelines of a Ficci seminar on the Doha round on Thursday. He said the downward trend in exports would continue for the next three-four months before picking up again.
Imports too were down by 32% in the opening month of the current fiscal. The official data, however, for April will be released on June 1, giving details of exports, imports and the trade deficit. Exports had dipped 33.3% in March, the highest drop in over a decade, while the country's exports aggregated $168.70 billion in 2008-09, managing a paltry growth rate of 3.4%.
On the issue of the Doha round, Pillai told the gathering India is not expecting a breakthrough in the WTO talks as long as the economic situation in the US remains precarious. "The US is doing home work. I think so long the economic situation of the US is bad, domestic political compulsions are going to be there...''
Pillai said the Obama administration is busy convincing the Congress about the Doha deal.
Inflation falls
to 0.48%
New Delhi: After rising for three consecutive weeks, inflation fell to 0.48% for the week ended May 2, even as essential food items like pulses, cereals and vegetables ruled high. For the ninth week in a row, inflation stood below the one per cent mark, which may prompt the RBI and banks to cut interest rates. Year-on-year, prices of cereals went up over 11%, pulses 14.8%, and fruit and vegetables 5.5%. AGENCIES
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