New Delhi: India's exports grew by a mere 3.2 percent year-on-year to $24.4 billion in April 2012 mainly due to the slow demand in western markets like Europe. Exports stood at $23.6 billion in April 2011, according to data released by the Commerce Ministry in New Delhi on June 1.
Imports during the first month of the current fiscal grew 3.8 per cent to $37.9 billion, leaving a trade deficit of $13.4 billion. The sectors which registered healthy export growth in April 2011 include engineering, electronics, pharmaceuticals and chemicals.
However, exports of gems and jeweleries was contracted by 25.7 per cent to $2.6 billion. In April 2012, the country's oil imports grew about 7 per cent to $13.9 billion compared to the same period in 2011.
Non-oil imports grew 2 per cent year-on-year to $24 billion during the period. During 2011-12, India's overall exports grew 21 per cent and marginally crossed the export target at $303.7 billion over the previous fiscal.
Imports shot up by 32.1 per cent to $488.6 billion in the last fiscal, ending the fiscal with the highest-ever trade deficit of $184.9 billion.
