Exports up 6.7 Percent, May Achieve $300 Billion in FY'12
Tuesday, 17 January 2012, 18:09 IST
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Bangalore: India's exports growth remained subdued at 6.7 percent year-on-year in December on account of poor demand in Europe and the US, but the government is hopeful of achieving its USD 300 billion target for the current fiscal. Though growth during the month under review was not robust, it was higher than in November, when overseas shipments grew by just 3.8 per cent. In sharp contrast, imports grew at a faster pace of 19.8 percent year-on-year to USD 37.8 billion in December, translating into a trade deficit of USD 12.8 billion, Commerce Secretary Rahul Khullar told reporters here. During the April-December period this fiscal, exports aggregated to USD 217.6 billion, a year-on-year growth of 25.8 per cent, thanks to the surge witnessed in the early months of the fiscal. From a peak of 82 per cent in July, export growth slipped to 44.25 per cent in August, 36.36 per cent in September and 10.8 per cent in October. "If you get USD 80 billion exports in the remaining quarter (January-March, 2012), you are looking at close to USD 300 billion. And imports may touch about USD 460 billion," Khullar said. Experts opined that the country's exports growth for the entire fiscal will stand at about 20 percent. During the first three quarters of the current fiscal, imports were up by 30.4 per cent at USD 350.9 billion. The trade deficit stood at USD 133.3 billion during the period. "At current reckoning, provided that exports pick up in the next three months, you are looking trade deficit in the neighbourhood of USD 155-160 billion," he said.
Source: PTI
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