India’s exports in February grew 4.3 percent to $24.6 billion year-over-year, the lowest growth rate in three months.
Exports increased 6.7 in December and 10.1 percent in January over the corresponding months in fiscal 2010-11, which ended March 31, 2011.
Total exports from April through February, the first 11 months of fiscal 2011-12, climbed 21.4 percent to $267.4 billion from a year earlier.
“The poor performance in February was due mainly to weak overseas demand, especially in Europe, for electronics, engineering and textile products,” a Commerce Ministry official said in New Delhi, releasing the latest provisional trade figures.
Imports in February went up 20.6 percent to $39.8 billion year-over-year, triggering a trade gap of $15.2 billion.
Total imports during April to February surged 29.4 percent to $434.2 billion, expanding the trade deficit for the 11-month period to $166.8 billion.
“Based on latest indications, exports for fiscal 2011-12 ending March 31 would be around $292-298 billion, within a striking distance of the $300-billion target. At the same time, imports for the year could go up to $470-475 billion with an estimated record balance of trade of roughly $175-180 billion,” officials said.
Officials said export growth during April-February was largely led by petroleum products, engineering goods, ready-made garments and cotton yarn, which rose 46 percent, 20.9 percent, 19 percent and 18.5 percent, respectively, in value terms.