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Exports rise marginally, trade deficit widens to USD 20 bn

Posted on Feb 13, 04:28PM | IANS

New Delhi, Feb 13 : India's exports were up marginally by 0.82 percent, raising overseas earnings to USD 25.58 billion in January from USD 25.37 billion, reported in the corresponding period of last year, according to the commerce and industry ministry.

The slowdown in growth is attributed to weak demands in North America and European countries.

However, imports grew by 6.12 in the period under review due to high crude and non-crude consumption, leading to the widening of trade deficit.

Imports in January stood at USD 45.58 billion, leaving a trade deficit of USD 19.99 billion, according to data released by the ministry.

The government had earlier set a target of 20 percent growth in exports in the fiscal 2012-13.

Exports had increased by 20.94 percent to USD 303.71 billion in the financial year ended March 31, 2012, surpassing the government's target of USD 300 billion.

The cumulative value of exports during April-January 2012-13 period declined by 4.86 percent to USD 25.19 billion. During this period imports increased by a marginal by 0.01 percent to USD 40.68 billion.

Oil imports during January were higher by 6.91 percent valued at USD 15.89 billion than oil imported at USD 14.87 billion in the corresponding period last year.

Non-oil imports during the last month grew by 5.71 percent at USD 29.68 billion from USD 28.08 billion in January 2012.