India: Exports reach highest level on record
April 1, 2011
In February exports skyrocketed 49.7% over the same month last year to a total of USD 23.6 billion. The figure came in well above the 32.3% expansion recorded in January and represented the highest level on record. In addition, the moving 3-month sum hit USD 66.7 billion, which exceeded the USD 56.9 billion pre-crisis peak reached in the May-July 2008 period. Imports followed suit and soared 21.2% over the same month the previous year to reach USD 31.7 billion, which nearly doubled the 13.2% increase observed in January. The annual increase was fuelled entirely by non-oil imports, which increased a robust 31.0% year-on-year, whereas oil imports contracted 0.3% yoy. As a result of the rebound in imports, the trade deficit widened slightly from USD 7.9 billion in January to USD 8.1 billion in February. In the twelve months to February, exports totaled USD 229 billion, overshooting the government's target of USD 200 billion set for the current fiscal year, which ended in March.