Exports posted a staggering 36.2 per cent growth in April at $17 billion, but the government tempered the euphoria and said that growth appeared largely on account of last year’s poor showing.
Exports had shrunk nearly 30 per cent to $12 billion last April. It had contracted for 13 straight months starting October 2008, before turning positive in November 2009.
Barring food grains and handicrafts, all sectors such as textiles, gems and jewellery and marine goods performed well.
“Don’t get carried away by these numbers... because base was low and that’s why you have an increase in percentage terms. You are still running below the export level in April 2008-09,” Commerce Secretary Rahul Khullar said on Wednesday.
Imports also rose by 43.3 per cent to $27 billion in April from $19 billion a year ago. Trade deficit stood at $10 billion from $7 billion a year-ago.