India: Trade deficit widens
March 1, 2012
In January, the trade balance deteriorated to a USD 14.7 billion deficit, which was larger than the USD 12.7 billion deficit recorded in the previous month. Imports amounted to USD 40.1 billion, which represents a 20.3% expansion over the same month the last year, up from the 19.8% increase recorded in December. Meanwhile, exports rose from USD 25.0 billion in December to USD 25.3 billion in January. The figure represents a 10.1% rise in annual terms, up from the 6.7% expansion observed in December. The 12-month rolling sum of exports currently sits at USD 302.1 billion, and government officials recently stated that they expect exports to reach USD 300 billion this current fiscal year, which will end in 31 March. India has set an export target of USD 500 billion for the fiscal year 2013/14.