India’s exports rise 44 percent in August; deficit widens to $14 bn

October 3rd, 2011 - 6:30 pm ICT by IANS  

New Delhi, Oct 3 (IANS) India’s exports soared 44.25 percent to $24.31 billion, while imports grew 41.82 percent to $38.35 billion in August, leaving a trade deficit of $14.04 billion, official data showed Monday.

The cumulative value of exports for April-August jumped 54.21 percent at $134.5 billion as against $87.21 billion during the like period last year, according to data released by the ministry of commerce and industry.

Imports surged 41.82 percent to $38.35 billion in August, resulting in a monthly trade deficit of $14.04 billion. The total exports in the current fiscal till August went up to $189.39 billion, a rise of 40.37 percent as against $134.9 billion in the five months of 2010-11.

The trade deficit for the April-August period now stands at $47.70 billion.

India’s foreign trade has recorded robust growth in the recent months, buoyed by increased demand of Indian engineering, chemical and petroleum products in overseas markets.

However, Commerce Secretary Rahul Khullar warned recently that exports might slow in the coming months, especially during the second half of the current fiscal, due to uncertainties in the economies of major traditional trading partners like US and European countries.

In August, oil imports amounted to $10.27 billion, 48.72 percent increase year-on-year, while non-oil imports rose 39.4 percent at $28.07 billion.

Oil imports during April-August were valued at $52.25 billion, 27.09 percent higher year-on-year. Total value of non-oil imports during the five months under review were $137.14 billion, 46.19 percent higher than the level of such imports valued at $93.81 billion during the corresponding period last year.

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