India’s exports surged nearly 35 percent year-over-year to $23.9 billion in April, the first month of fiscal 2011-2012, according to provisional trade figures released by the Commerce Ministry.
Ministry officials said the growth was largely led by engineering goods, petroleum products, chemicals and electronics.
Imports during April went up 14 percent to $32.8 billion year-over-year, creating a trade gap of $8.9 billion.
“The uncertainty in Europe and the not-too-encouraging data about the U.S. economy are areas of some concern,” a senior Commerce Ministry official said in New Delhi, releasing the latest trade data.
India exported a record $246 billion worth of goods in fiscal 2010-11, which ended March 31, 2011, and has set an export target of $450 billion by fiscal 2013-14.
Meanwhile, India and Australia will hold preparatory talks next month on a comprehensive free trade agreement between the two countries, Indian Commerce Minister Anand Sharma said in New Delhi on Thursday.
“The FTA, when concluded, is expected to assist in broadening the base of merchandise trade, remove non-tariff barriers impeding trade in services, and facilitate two-way investment,” Sharma said.
Australia is India’s eighth largest trade partner, but the trade has been heavily in Australia’s favor in recent years. According to latest official trade figures, trade between the two countries totaled $21 billion in fiscal 2010-2011.