SME Times News Bureau | 09 Mar, 2012
The commerce ministry Friday reported a growth of 4.3 percent in the country's exports for February at $24.6 billion on a year-on-year basis, while imports for the last month were higher by 20.6 percent at $39.8 billion.
According to official data released here, the country had a trade deficit of $15.2 billion for the month under review.
Rupee depreciation, higher cost of crude oil imports and falling demand in major markets like the US and Europe have caused the trade deficit to widen in the last couple of months.
The data showed that exports in the period between April and February 2011-12 grew by 21.4 percent at $267.4 billion. Imports during the period under review were higher by 29.4 percent at $434.2 billion.
The trade deficit between April 2011 and February 2012 stood at $166.8 billion.
Commerce Secretary Rahul Khullar told reporters here that exports for the current fiscal could be around $292-298 billion, imports in the same period can be around $470-475 billion with a trade deficit of around $175-180 billion.
Trade deficit stood at $104 billion in 2010-11.
"We are getting a growth rate of 20 percent (exports). It looks like you'll get around $300 billion (by the end of 2011-12)," Khullar said.
Khullar added that the trade deficit has jumped in the last few months.
