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India's exports contracted by 5.45 per cent, year-on-year basis, to 25.07 billion US Dollars in June due to the persisting global economic slowdown. According to the Director General of Foreign Trade A Pujai that imports also declined by 13.46 per cent to 35.37 US Dollar billion, leaving a trade deficit of 10.30 billion US Dollar.

Commerce Secretary S R Rao told reporters in New Delhi today that exports have contracted but trade deficit is also coming down. During the April-June quarter of this fiscal exports have shrunk 1.7 per cent to 75.2 billion US Dollar over the first quarter of 2011-12. Imports have also dipped by 6.1 per cent during the first quarter of 2012-13 to 115.26 billion US Dollar.

Trade deficit in first quarter has declined to 40.06 billion US Dollar from 46.30 billion US Dollar in April-June last fiscal.

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