India: Exports expand at double-digit pace for ninth month in a row
November 1, 2010
In September, exports rose 23.2% over the same month last year to reach USD 18.0 billion. The reading represented an improvement over the 22.5% expansion tallied in August and marked, in fact, the ninth consecutive month of exports growing at a double-digit rate. Owing to the strong rebound in place since the beginning of the year, exports are rapidly getting closer to pre-crisis levels, with the 3-month sum rising to USD 50.9 billion in September, not far below the USD 56.9 tallied in July 2008. On the other hand, growth in imports slowed in September to an annual rate of 26.1% (August: +32.2% year-on-year) to reach USD 27.1 billion. As in recent months, the figure was mostly driven by non-oil imports, which soared 31.2% over the same month last year. Owing to the slowdown in imports, the trade deficit dropped from USD 13.0 billion in August to USD 9.1 billion. During the last twelve months exports amounted to USD 193.0 billion. Hence, at the current pace exports are poised to exceed the government's target of USD 200 billion set for the current fiscal year, which will end in March 2011.