India's Exports Growth Diminishes
Imports surged by 20.65 percent to $39.78 billion in February, leaving a monthly trade deficit of $15.16 billion.
Cumulative value of exports during April-February 2011-12 was $267.41 billion, 21.42 percent higher than the $220.24 billion exports registered during the corresponding period of previous fiscal.
Considering the trend, total exports in fiscal 2011-13 is likely fall short of the official target of $300 billion.
Imports jumped by 29.41 percent to $434.16 billion in the first 11 months of 2011-12, according to data released by the commerce and industry minitry.
Slowdown in exports growth and persistently high imports growth has widened the trade gap.
Trade deficit rose to $166.75 billion in April-February period of 2011-12 as compared to $115.26 billion during the corresponding period last fiscal.
Trade deficit has already crossed the official target of $150 billion.
Oil imports surged by 39.45 percent to $12.66 billion. Cumulative value of oil imports during April-February was $132.56 billion, 41 percent higher than the $94 billion in the corresponding period of 2010-11.
On the other hand, non-oil imports in February grew by 13.5 percent to $271.21 billion.
Non-oil imports in April-February 2011-12 were valued at $301.59 billion, 24.89 percent more than such imports valued at $241.49 billion in the previous year.