Exports rise marginally, trade deficit widens to $20 bn

Indo Asian News Service

New Delhi, Feb 13 (IANS) India's exports were up marginally by 0.82 percent, raising overseas earnings to $25.58 billion in January from $25.37 billion, reported in the corresponding period of last year, according to the commerce and industry ministry.

The slowdown in growth is attributed to weak demands in North America and European countries.

However, imports grew by 6.12 in the period under review due to high crude and non-crude consumption, leading to the widening of trade deficit.

Imports in January stood at $45.58 billion, leaving a trade deficit of $19.99 billion, according to data released by the ministry.

The government had earlier set a target of 20 percent growth in exports in the fiscal 2012-13.

Exports had increased by 20.94 percent to $303.71 billion in the financial year ended March 31, 2012, surpassing the government's target of $300 billion.

The cumulative value of exports during April-January 2012-13 period declined by 4.86 percent to $25.19 billion. During this period imports increased by a marginal by 0.01 percent to $40.68 billion.

Oil imports during January were higher by 6.91 percent valued at $15.89 billion than oil imported at $14.87 billion in the corresponding period last year.

Non-oil imports during the last month grew by 5.71 percent at $29.68 billion from $28.08 billion in January 2012.