India’s exports slumped 14.8% 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 on Monday. The cumulative value of exports in the first four months of the current financial year stands at $97.64 billion, 5.06% lower than the $102.85 billion recorded during the corresponding period of last year, reported Hindstantimes online. Imports dropped 7.61% 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% 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% down from the $163.80 billion registered during the corresponding period of 2011-12.