March exports grow by 6.97%,trade deficit narrows to $10.32 billion

India’s exports grew for the third straight month in March to $30.84 billion,up 6.97 per cent year-on-year,though it declined by 1.76 per cent to $300.6 billion for the year 2012-13

Written by ENS Economic Bureau | New Delhi | Published: April 19, 2013 1:31 am

India’s exports grew for the third straight month in March to $30.84 billion,up 6.97 per cent year-on-year,though it declined by 1.76 per cent to $300.6 billion for the year 2012-13.

This is the first contraction in yearly exports since 2009-10. The government had targeted $350 billion exports for the year 2012-13.

According to the data released by the commerce ministry,imports,in March,fell 2.87 per cent to $41.16 billion on account of lower spending on oil,reducing the trade deficit to $10.32 billion during the month. For the entire fiscal,imports grew by a marginal 0.44 per cent to $489.31 billion,leaving a wide trade deficit of $190.9 billion.

During the month,oil imports declined by 16.56 per cent to $13.32 billion and non-oil imports increased by 5.41 per cent to $27.83 billion. However,during 2012-13,it dipped 3.62 per cent to $322.23 billion.

“We are conscious of the need to enhance exports so that we can address the real challenge of bringing down the trade account deficit,which directly impacts the current account deficit,” commerce minister Anand Sharma said.

Commerce secretary SR Rao said,“For March,the export performance has picked by a slightly robust figure as compared to the previous two months. We do expect this trend to continue and we would like to consolidate.”

He added that if the current trend continues,India’s exports are expected to grow by about 10 per cent this fiscal. “…I should assume a minimum of 10 per cent (growth) if trend continues…,” he said.

On trade deficit,Rao said that it has come down slightly “which is a good news. Given a very weak performance for major part of the year,I think in the last 3-4 months,we really covered a good deal of ground which is not sufficient but certainly there is progress in exports”.

Upward Movement

* Exports during the month of March have touched $30.84 billion

* For the fiscal 2012-13,exports registered a decline of 1.76% over the previous fiscal to stand at $300.6 billion

* Imports fell by 2.87 % during the month to stand at $41.16 billion mainly on account of lower imports in crude oil that declined by 16.56% to $13.32 billion

* For the fiscal 2012-13,imports grew by a marginal 0.44% to $489.31 billion

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