India’s exports in January increased 10.1 percent year-over-year to $25.4 billion, the fastest growth rate in three months.
Exports grew 3.87 percent in November and 6.7 percent in December over the corresponding months in 2010. Total exports from April through January, the first 10 months of fiscal 2011-12, surged 23.5 percent to $242.8 billion from a year earlier.
“The global economic uncertainties, especially in the U.S. and Europe, are clearly weighing down on the country's exports,” a Commerce Ministry official said.
Imports for January expanded 20.3 percent to $40.1 billion year-over-year, creating a trade gap of $14.7 billion. Overall inbound trade during April to January jumped 29.4 percent to $391.5 billion, expanding the trade deficit for the 10-month period to roughly $148.7 billion.
"What we are now looking at is, exports for the current fiscal year of around $300 billion and imports of about $460 billion with a balance of trade of about $160 billion," the official said.
Export growth during April-January was primarily led by engineering goods, petroleum products, readymade garments and electronics, which grew 51.1 percent, 21 percent, 21 percent and 13.4
percent, respectively, in value terms, the official said.
In fiscal 2010-11 ended March 31, India exported a record $246 billion worth of goods and set an export target of $500 billion by 2014.