India: Exports continue to expand at robust pace
March 1, 2011
In January, exports expanded 32.4% over the same month last year to reach USD 20.6 billion. The figure came in slightly below December's 36.4% expansion. In addition, the moving 3-month sum hit USD 62.0 billion, which surpasses, for the third consecutive month, the USD 56.9 billion pre-crisis peak reached in the May-July 2008 period. Meanwhile, imports grew 13.1% over the same month the previous year to reach USD 28.6 billion, which contrasted the 11.1% contraction recorded in December. The annual increase was fuelled entirely by non-oil imports, which rose 23.8% year-on-year, whereas oil imports contracted 7.8% yoy. As a result of the strong rebound in imports, the trade deficit widened from USD 2.6 billion in December to USD 8.0 billion in January. In the twelve months up to January, exports totaled USD 218 billion, exceeding the government's target of USD 200 billion set for the current fiscal year, which will end in March 2011.