Indian exports pick up but imports surge 63 percent

March 3rd, 2008 - 7:36 pm ICT by admin  

New Delhi, March 3 (IANS) India’s merchandise exports in January showed signs of recovery with a 20.47 percent growth, even as imports of both non-oil and other items grew by over 60 percent putting pressures on the country’s trade balance. India’s exports were valued at $131.41 billion in January, or 20.47 percent more than the figure of $109.08 billion for the corresponding month for last year but imports grew 63.57 percent to $225.04 billion from $137.58 billion.

As a result, the trade deficit ballooned to $9.36 billion for the month, against $2.85 billion for the like month of last fiscal, according to data on India’s foreign trade released Monday.

The trade data also showed that oil imports during the month under review were 60.81 percent at $7.71 billion, against $4.79 billion in January 2007, and non-oil imports grew 65.05 percent to $14.79 billion from $8.96 billion.

Cumulatively, India’s exports were up 21.62 percent in the first 10 months of this fiscal at $124.19 billion, against $102.11 billion in the like period of last fiscal, while imports were up 29.63 percent at $191.60 billion, against $147.81 billion.

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