Europe Crisis Hits Indian Exports, Growth Lowest In 2 Years

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[color=#999999][size=2][left]PTI [size=1]|[/size] Nov 8, 2011, 06.00PM IST[/left][/size][/color][left]NEW DELHI[/left]

The Eurozone crisis has begun biting Indian exports which grew year-on-year by 10.8 per cent to $19.9 billion in October, the lowest in the last two years, according to preliminary data released on Tuesday.
Being pushed by expensive crude oils and vegetable oils, imports grew at a faster rate of 21.7 per cent to $39.5 billion leaving a trade deficit of $19.6 billion - the highest ever in any month in the last four years.

From a peak of 82 per cent in July, export growth has been slipping to 44.25 per cent in August, 36.36 per cent in September and 10.8 per cent in October.

"The picture is not going to be rosy for the next six months," he said. Steady rise of 31 per cent in imports for the seven-month period to $ 273.5 billion has left trade gap widening to $93.7 billion.
[color=#000000][font=Arial][size=1][left]"Clearly, that is where the growth has contracted ...effect of what is happening there". The export growth has been the lowest since October 2009 when it contracted by 6.6 per cent.[/left][/size][/font][/color]

[color=#000000][font=Arial][size=1][left]source: [/left][/size][/font][/color][url="http://timesofindia.indiatimes.com/business/india-business/Europe-crisis-hits-Indian-exports-growth-lowest-in-2-years/articleshow/10655664.cms"]http://timesofindia.indiatimes.com/business/india-business/Europe-crisis-hits-Indian-exports-growth-lowest-in-2-years/articleshow/10655664.cms[/url]
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