India's exports up 44.2% in August, imports grow by 41.8%
India's exports maintained their growth momentum in August, 2011, rising by 44.2 percent year-on-year to USD 24.3 billion despite the economic woes in traditional Western markets, according to data released by the Commerce Ministry Monday.
Imports, too, grew by 41.8 percent to USD 38.4 billion in August, translating into a trade deficit of USD 14 billion during the month, as per the data.
However, Commerce Secretary Rahul Khullar has said that growth in coming months will be difficult on account of uncertainty in Western markets.
During the April-August period, India's exports grew by 54.2 percent to USD 134.5 billion, the data shows.
In the April-August period, imports expanded by 40.4 percent to USD 189.4 billion. The trade gap during the period amounted stood at USD 54.9 billion, the Commerce Ministry data shows.
Oil imports during August, 2011, were valued at USD 10.3 billion, translating into a growth of 48.7 percent compared to the corresponding period last fiscal, while non-oil imports rose to USD 28 billion, an expansion of 39.4 percent vis-a-vis the same month of 2010-11.
The data also shows that oil imports during the April-August, 2011, period stood at USD 52.3 billion and non-oil imports during the five-month period amounted to USD 137 billion.
Reacting to the trade data, Ramu Deora, President, Federation of Indian Export Organisations (FIEO) said though 44.2 percent growth in exports is remarkable but points to difficult time ahead.
"We may have to face further decline in export growth in coming quarters, primarily due to recessionary trend in advanced economies, pulling down the overall export growth in current fiscal," he said.