India: Trade deficit widens as export growth eases
April 3, 2012
In February, the trade balance deteriorated to a USD 15.1 billion deficit, which was larger than the USD 14.7 billion deficit recorded in the previous month. Imports amounted to USD 39.8 billion, which represents a 20.6% increase over the same month last year, slightly up from the 20.3% rise recorded in January. Meanwhile, exports fell from USD 25.3 billion in January to USD 24.6 billion in February. The figure represents a 4.3% rise in annual terms, well down the 10.1% expansion observed in January. The 12-month rolling sum of exports currently sits at USD 302.6 billion, which is broadly in line with government projections that exports would reach USD 300 billion the fiscal year 2011/12, which ended in 31 March. India has set an export target of USD 500 billion for the fiscal year 2013/14.