Italy and Russia the biggest importers of Indian coffee  have massively slowed down on thier coffee imports.Total trade growth of Australia with India for 2008 has risen to  $15.356 billion.Blistering rise in the value of the rupee gives sleepless nights to Indian exporters, forcing many to shut down

India’s exports fell in May for the eighth month in a row as overseas demand for goods continued to shrink in the global recession

SURJEET JOLLY, MANUFACTURER AND EXPORTER OF SPORTS GOODS AND OWNER OF ROBINSON SPORTS, SAYING:

"The (rupee’s) appreciation continuation will mean 60 percent of the sports industry will close. More than 150,000 workers employed by us, those will be on the roads. They will be unemployed and that is going to affect the economy very badly and it will lead to crimes and many more things which the country does not need."

Exports in May were valued at 534.3bn rupees ($11bn; £6.7bn), down 29.2% from 655bn rupees a year earlier, government figures showed.

Exports are a significant driver behind the Indian economy, making up about 15% of gross domestic product.

Imports shrank 39.2% to 786.8bn rupees from 1.1 trillion rupees a year ago.

The falling price of oil was a significant factor behind the decline in imports. Oil currently stands at about $70 a barrel – less than half of what it was last summer.

Oil imports in May were down 60.6% on the year. India imports about 75% of its oil.

India’s trade deficit – the difference between imports and exports – halved to 252.5bn rupees from 533.2bn rupees a year earlier.

 

S.P. OSWAL, MANAGING DIRECTOR OF ONE OF INDIA’S LEADING TEXTILE FIRMS, VARDHMAN GROUP, SAYING:

"The industry will remain weak and if it remains weak for another four-five years, it will have very little chance of survival against world competition. Because our competitor is China, today our biggest competitor is China and China’s size of the industry is 300 billion dollars against India’s present size of only about 45 billion dollars. And if we cannot grow in the next five years to about 100-120 billion dollars while China will grow from 300 billion to about 450 billion dollars — they will crush us."