New Delhi, Sep 3 (IANS): India's exports slumped 14.8 percent to $22.44 billion in July as compared to $26.34 billion recorded during the corresponding month in 2011 due to lower demands in North America and Europe, government data showed Monday.

The cumulative value of exports in the first four months of the current financial year stands at $97.64 billion, 5.06 percent lower than the $102.85 billion recorded during the corresponding period of last year.

Imports dropped 7.61 percent to $37.93 billion in July, leaving a monthly trade deficit of $15.49 billion, according to data released by the commerce ministry.

The first four months' data indicate exports are likely to remain sluggish in the coming months and the whole year target might fall substantially short.

The government has set a target of $360 billion of exports in the current financial year. Exports had increased by 20.94 percent to $303.71 billion in financial year ended March 31, 2012, surpassing the government's target of $300 billion.

The ministry said the lingering economic crisis in the European countries and North America has severely affected India's foreign trade, especially exports.

The cumulative value of imports for the period April-July 2012-13 was $153.19 billion, 6.47 percent down from the $163.80 billion registered during the corresponding period of 2011-12.

With decline in both exports and imports, trade deficit has also narrowed. In April-July period of the current fiscal, a cumulative trade deficit of $55.55 billion was recorded, which is lower than the deficit of $60.95 registered in the like period of 2011-12.

Oil imports during July 2012 were valued at $12.23 billion, 5.52 percent lower than oil imports valued at $12.94 billion in the corresponding period last year.

Oil imports during the first four months of the current fiscal were valued at $53.81 billion, 2.76 percent higher than the oil imports of $52.36 billion in the corresponding period last year.

Non-oil imports during July were estimated at $25.70 billion, 8.57 percent lower than non-oil imports of $28.11 billion in July 2011.

Non-oil imports during April-July period were valued at $99.38 billion, 10.82 percent lower than the level of such imports valued at $111.43 billion in April-July 2011.