Exports grow 3.2 pc; imports up 3.8 pc in April: Khullar

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SME Times News Bureau | 10 May, 2012
India's exports grew by 3.2 percent to USD 24.5 billion in April, after recording nearly 21 percent growth in 2011-12, while imports rose 3.8 percent leading to lowest trade deficit in a year, Commerce Secretary Rahul Khullar said today.

Interacting with the media persons in New Delhi on Thursday, Khullar, informed that during April 2012 the imports were USD 37.9 billion with a growth of 3.8 percent and a Balance of Trade stood at USD (-)13.4 billion, during the same period.

"This is the lowest trade deficit we have had in last one year... This month (April), we see deceleration in imports," Khullar said.

Imports of gold and silver slumped 33 percent at USD 3.1 billion. Imports of the precious metal was low mainly due to an industry shutdown in early April. Jewellers had gone on a 21-day strike, protesting against the budgetary proposal to levy additional duties on sale of jewellery. The government early this week withdrew that proposal.

Exports of gems and jewellery also fell 25.7 percent to USD 2.6 billion in April.

Talking to reporters here Khullar said growth in exports was sluggish also because of low demands of Indian garment and cotton yarn in traditional markets.

"Though India is getting an edge in engineering and chemical exports, bad news is about export of readymade garment, made-ups and cotton yarn," Khullar said while releasing the provisional data.

Exports of engineering products grew by 14.2 percent at USD 5.2 billion. Electronics exports grew by 5.4 percent to USD 0.6 billion, drugs and pharmaceuticals exports rose by 33 percent to USD 1.1 billion.

Other sectors that registered positive growth included leather, 3.2 percent higher at USD 0.3 billion; basic chemicals, 11.4 percent higher at USD 0.9 billion and marine products, 21 percent higher at USD 0.2 billon.

However, exports of cotton yarn and fabric made-up slumped by 20.4 percent at USD 0.49 billion.

India's total exports had grown by 20.94 percent to USD 303.71 billion in 2011-12, surpassing the government's target of USD 300 billion.

The trade deficit widened to a record USD 184.92 billion in 2011-12, substantially higher than the government's target of USD 150 billion, and USD 118.63 billion deficit recorded in the previous fiscal.

As regards imports during April 2012, it was led by the increase in petroleum products, coal and machinery.

Imports of coal rose by 25.5 percent to USD 1.5 billion. Machinery imports grew by 14.9 percent to USD 2.9 billion and that of petroleum, oil and lubricants rose by 7 percent to USD 13.9 billion.

However, imports of gold and silver fell by 33 percent to USD 3.1 billion and that of pearls and precious stones slumped by 63.3 percent to USD 1.2 billion.