India: Exports continue robust expansion
June 1, 2011
In April, exports increased a robust 34.4% over the same month last year to reach a total of USD 23.8 billion. The print came on top of the extraordinary 44.4% expansion tallied in March. Moreover, the moving 3-month sum increased 42.7% over the same period last year, which was slightly above the 42.4% expansion observed in March. Meanwhile, imports increased 14.1% over the same month last year to reach USD 32.8 billion, which was below the 18.2% expansion seen in March. In line with previous months, the increase was mainly fuelled by non-oil imports, which rose 17.3% over the same month the previous year, whereas oil imports grew only 7.7%. As a result, the trade deficit dropped to USD 9.0 billion, which was below the USD 11.0 billion recorded in April last year. In the fiscal year 2010/11, exports totalled USD 235 billion, overshooting the government's target of USD 200 billion. The government set a new target of USD 500 billion for the fiscal year 2013/14, about twice the current level of exports.