India’s exports rise 6.7 percent in December

January 16th, 2012 - 6:04 pm ICT by IANS  

New Delhi, Jan 16 (IANS) India’s exports grew 6.7 percent to $25 billion in December 2011, while imports rose to $37.8 billion, leaving a trade deficit of $12.8 billion for the month, Commerce Secretary Rahul Khullar said here Monday.

In the first three quarters of the current fiscal, exports have climbed by 25.8 percent to $217.6 billion.

After registering a high growth in the first two quarters, exports growth slowed in the third quarter. Exports had increased by 3.87 percent in November.

Releasing the data, Khullar said the decline in exports growth was a cause of concern and the situation in the coming months were not expected to be “rosy”.

“If you get anything between 20 to 22 percent growth in 2012-13, I would be more than happy,” Khullar said.

The more worrying trend is a sharp increase in imports despite moderation in exports growth, which has widened the trade deficit.

In April-December 2011 period, imports surged 30.4 percent to $350.9 billion, leaving a trade deficit of $133.3 billion in the first nine month of the current financial year.

The exports is likely to fall short of the official target of $300 billion while the trade deficit is expected to surge to $160 billion for the year ending Mar 31, 2012.

Petroleum and oil products and engineering goods have led the exports growth in the first nine months of the year.

During April-December period, exports of engineering goods rose 21.6 percent to $45.3 billion, petroleum and oil products 55 percent to $43.9 billion, and gems and jewellery 38.5 percent to $33.5 billion.

Other sectors that registered good growth included drugs and pharmaceuticals (21.5 percent higher at $9.1 billion), leather (25.8 percent higher at $3.4 billion); electronics (21.1 percent higher at $6.7 billion) and readymade garments (23.7 percent higher at $9.6 billion).

Imports of petroleum, oil and lubricants rose by 40.4 percent at $105.6 billion during April-December period. Imports of gold and silver surged 53.8 percent to $45.5 billion, machinery 27.7 percent to $25.8 billion, electronics 24 percent to $25.2 billion, fertilizers 35 percent to $8.2 billion and coal 62 percent to $12.5 billion.

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