Slowdown in exports will continue till August: Pillai

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Saurabh Gupta | 14 May, 2009
The negative growth in the export sector in India will continue till August this year. This was stated by the Commerce Secretary, GK Pillai, on the sidelines of a conference, organized by FICCI in the national capital today.

Pillai said that as per the WTO report the Slowdown in exports would continue for the next there months. "The exports figure in April is dropping by 33% to $10.7 billion and little hope of a recovery until
September."

"Slowdown in export growth is expected to remain till August this year as our exports grew rapidly in the first half of the last fiscal year. However there was a growth of 35 percent in exports last year," he added.

A sharp drop of 33% in export consignment to $10.79 billion in April, 2009, over a year ago period was "expected ...with global slowdown and contraction of nine pc (in) global trade," Pillai said.

He also said that the imports down by 32% during the month to $16 billion on the back of low oil prices, falling exports and a deceleration in manufacturing activity and investment.