India's exports growth diminishes

New Delhi, April 2 (IANS) India's exports grew by 4.28 percent to $24.62 billion in February, the slowest pace in three months and substantially down from the last 11 months average of 21.42 percent due to sluggish demands in the US and European markets, official data showed Monday.

Imports surged by 20.65 percent to $39.78 billion in February, leaving a monthly trade deficit of $15.16 billion.

Cumulative value of exports during April-February 2011-12 was $267.41 billion, 21.42 percent higher than the $220.24 billion exports registered during the corresponding period of previous fiscal.

Considering the trend, total exports in fiscal 2011-13 is likely fall short of the official target of $300 billion.

Imports jumped by 29.41 percent to $434.16 billion in the first 11 months of 2011-12, according to data released by the commerce and industry minitry.

Slowdown in exports growth and persistently high imports growth has widened the trade gap.

Trade deficit rose to $166.75 billion in April-February period of 2011-12 as compared to $115.26 billion during the corresponding period last fiscal.

Trade deficit has already crossed the official target of $150 billion.

Oil imports surged by 39.45 percent to $12.66 billion. Cumulative value of oil imports during April-February was $132.56 billion, 41 percent higher than the $94 billion in the corresponding period of 2010-11.

On the other hand, non-oil imports in February grew by 13.5 percent to $271.21 billion.

Non-oil imports in April-February 2011-12 were valued at $301.59 billion, 24.89 percent more than such imports valued at $241.49 billion in the previous year.