Indian Exports declined by 9.74 per cent year-on-year to 22.3 billion US dollars in August this year due to the global economic recession. Imports also slipped by around 5 per cent to about 38 billion US dollars, leaving a trade deficit of 15.7 billion US dollars. According to data released by the Commerce and Industry Ministry, during the period of April to August 2012, the cumulative value of exports dipped by 5.96 per cent to 120 billion US dolllars from 127.5 billion US dollar in the same period last year. During the first five months of the current fiscal, imports contracted by 6.2 per cent to around 191 US billion dollars, with the trade deficit at 71 billion US dollars during this period.