Contraction in imports mainly due to dip in inbound shipments of gold and silver pulled down the trade deficit to three-month low of USD 12.2 billion in June despite 4.56 per cent contraction in exports during the month.
Gold and silver imports dipped to USD 2.45 billion in June from USD 8.4 billion in the previous month. However, as compared to June 2012, bullion imports grew by 22.8 per cent.
Trade deficit had widened to seven-month high of USD 20.1 billion in May.
Imports declined marginally by 0.37 per cent to USD 36 billion during the month. Exports stood at USD 23.79 billion against USD 24.9 billion in June 2012.
Trade deficit was at USD 10.31 billion in March mainly due to 2.87 per cent drop in imports to USD 41.16 billion.
"The decline in gold and silver imports can be attributable to the steps taken by government specially by the RBI in May and June by which gold imports for domestic use was discouraged. I think that might have translated into lower imports of gold," Director General of Foreign Trade (DGFT) Anup Pujari told reporters here.
Reacting on the data, the chairman of trade promotion body EEPC India, Aman Chadha, said that the two largest markets EU and the US are not supporting. "We have to urgently devise a strategy to reach out to newer markets in Africa and Latin America."
Oil imports in the month grew by 13.74 per cent to USD 12.76 billion, compared to USD 11.22 billion in June 2012. Non-oil imports declined by 6.7 per cent to USD 23.2 billion.
For the April-June period this fiscal, exports were down by 1.41 per cent at USD 72.45 billion over the same period last year. However, imports during the period were up by 5.99 per cent at USD 122.6 billion.
