India’s exports surged for the fifth successive month in August, growing 44.2 percent year-over-year to $24.3 billion, amid indications that the pace of growth will slow in the coming months.
Total exports from April through August, the first five months of fiscal 2011, were up 54.2 percent to $134.5 billion from a year earlier.
“Until now, we have had a good run, but we could be looking at difficulties down the road and the government will have to do something to maintain the growth momentum,” a Commerce Ministry official said, releasing the latest provisional data.
Imports for August increased 41.8 percent year-over-year to $38.4 billion, triggering a trade gap of $14.1 billion. Imports during April to August grew 40.4 percent to $189.4 billion, and the trade deficit for the five months to the end of August was estimated at $54.9 billion.
The growth in India’s overall exports during April to August was led by engineering goods, electronics, petroleum products and readymade garments, which grew 81 percent, 75 percent, 60 percent and 32 percent, respectively, in value terms.
India exported a record $246 billion worth of goods in fiscal 2011 ended March 31, and has set an export target of $450 billion by fiscal 2014.