India: Exports rise to record high
May 2, 2011
In March, exports expanded a solid 43.8% over the same month last year to a total of USD 29.1 billion. The print marked a moderation compared to the extraordinary 49.7% expansion recorded last month but, nevertheless, represented the highest value in nominal terms ever recorded. Imports followed suit and slowed to a 17.3% year-on-year expansion to reach USD 34.7 billion, down from the 21.2% increase tallied last month but also breaking the record in nominal terms. More importantly, the annual increase was fuelled mostly by non-oil imports, which increased a robust 21.0%, whereas oil imports grew a more subdued 8.0%. Despite rising oil prices, the trade deficit shrank from USD 8.1 billion in February to USD 5.6 billion in March. In the fiscal year 2010/11, exports totalled USD 237 billion, overshooting the government's target of USD 200 billion. The government has set a new target of USD 500 billion, twice the current level of exports, for the end of the fiscal year 2013/14.