India: Exports continue to expand robustly
January 3, 2011
In November, exports increased 26.5% over the same month the year before to a total of USD 18.9 billion. The figure represented an acceleration compared to the 21.3% increase recorded in October and pushed exports to the highest level since April 2010. Exports are recovering quickly, with the moving 3-month sum rising to USD 54.9 billion in November, just 3.5% below the USD 56.9 pre-crisis peak tallied in July 2008. Meanwhile, in November, imports rose 11.2% annually to reach USD 27.8 billion, which nearly doubled the 6.8% increase posted in October. As in previous months, the growth was driven by non-oil imports, which increased 15.0% over the same month last year. Owing to the weaker import growth and the sustained export growth, the trade deficit dropped from USD 9.7 billion in October to USD 8.9 billion in November. In the last twelve months, exports totaled USD 203 billion, thus exceeding the government's target of USD 200 billion set for the current fiscal year, which will end in March 2011.