India’s exports drop by 5.71 percent in MarchMay 1st, 2012 - 2:39 pm ICT by IANS
New Delhi, May 1 (IANS) India’s exports fell by 5.71 percent to $28.68 billion in March while imports surged 24.28 percent to $42.58 billion, leaving a monthly trade deficit of $13.9 billion, government data showed Tuesday.
Despite a year-on-year decline in March, India’s exports surpassed the $300 billion target in 2011-12. Total exports grew by 20.94 percent to $303.71 billion.
The government had set an exports target of $300 billion for the financial year ended March 31.
India managed to exceed the export target helped by product and market diversification strategy.
Imports grew by 24.28 percent to $42.58 billion in March 2012 as compared to $34.26 billion recorded during the corresponding month of previous year, according to data released by the ministry of commerce and industry.
Total imports in 2011-12 grew to $488.64 billion, 32.15 percent higher than the $369.76 billion recorded in the previous year.
Trade deficit widened to a record $184.92 billion in 2011-12, substantially higher than the government’s target of $150 billion, and $118.63 billion deficit recorded in the previous fiscal.
Oil imports jumped by 32.45 percent to $15.83 billion in March, largely due to high energy prices in the international markets.
Total oil imports in 2011-12 surged by 46.88 percent to $155.63 billion. Oil imports bill in 2010-11 was of $105.96 billion. This has been the main reason for widening deficit.
Engineering exports grew by 16.9 percent to $58.2 billion. Exports of petroleum and oil products surged by 38.5 percent to $57.5 billion and gems and jewellery exports increased to $45.9 billion, which is 13.3 percent higher than the exports registered in the previous year.
Other sectors which showed healthy performance include: drugs and pharmaceuticals, up 21.9 percent at $13.1 billion; leather, up 22.5 percent at $4.2 billion; electronics, up 9.2 percent at $9 billion; cotton yarn and fabric made-up, up 17.4 percent at $7.2 billion, readymade garments yarns and fabrics, up 18 percent at $13.7 billion and marine products up 31.4 percent at $3.4 billion.
Gold and silver imports jumped by 44.4 percent to $61.5 billion. Imports of coal surged by 80.3 percent to $17.6 billion and imports of machinery increased by 27.7 percent to $35.4 billion.
Imports of electronics goods grew by 23 percent to $32.7 billion; iron and steel imports increased by 15 percent to $11.9 billion; vegetable oil imports grew by 47.5 percent to $9.7 billion; and fertilizer imports surged by 59 percent to $11 billion.
However, imports of gems and jewellery fell by 0.6 percent to $31 billion.
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Tags: 1 billion, cotton yarn, diversification strategy, energy prices, export target, gems, government data, high energy, international markets, jewellery exports, market diversification, may 1, ministry of commerce, New Delhi, oil imports, oil products, petroleum, pharmaceuticals, previous year, trade deficit