...but exports see silver lining, up 34% in April
India’s exports grew by 34.4% to $23.8 billion in April sustaining the growth momentum of the last few months.business Updated: Jun 02, 2011 02:04 IST
India’s exports grew by 34.4% to $23.8 billion in April sustaining the growth momentum of the last few months.
Imports were up 14.1% at $32.8 billion in April, leaving a trade deficit of $8.9 billion, latest trade data released by the government showed.
India’s exports grew by 43.9% to $29.1 billion in March ending the year 2010-11 with a $245.9 billion exports, a growth of 37.6% compared to previous year despite bumpy recovery in some European economies.
Exports have crossed the $200 billion mark for the first time. Imports during the year stood at $350.6 billion and the trade deficit figure has come down to $104.8 billion as compared to $109.6 billion in the previous year.
Engineering goods by far constituted the largest component of the exports entailing considerable domestic value addition and engineering exports crossed $60 billion, registering a growth of 84.8%.
In April this year, crude oil imports grew by 7.7% to $10.1 billion from $9.4 billion in the same month last year. Non-oil imports also went up by 17.3 % to $22.6 billion in the month from $19.3 billion in the same period last year.The government has sought public comments on a draft strategy paper on exports that seeks to more than double India’s merchandise shipments to $450 billion by 2014.
Ramu Deora, president, Federation of Indian Export Organisations (FIEO), said that export momentum continues as emerging economies are showing overall growth leading to demand of Indian products.
“Growth may, however, taper down from July onwards as uncertainty over duty entitlement passbook scheme continues and cost of credit has gone up in geometric progression in last few months,” said Deora.