Indias exports grew by a meagre 3.2 per cent in April to stand at $24.4 billion with global uncertainties continuing. The outbound merchandise exports contracted 5.7 per cent in March,the first time since 2009.
Imports,on the other hand,grew by 3.8 per cent year-on-year at $37.9 billion during the month,according to data released by the Ministry of Commerce and Industry. The trade deficit stood at $13.2 billion during April 2012-13,the lowest in seven months.
However,with the depreciating rupee,exporters are likely to gain in the long run,finance secretary RS Gujral said on Friday. The depreciation of rupee prima facie would help exporters in terms of higher realisation in terms of rupee… overall in the long term it would help the exporters, he said.
The decline in the trade deficit is likely to reduce pressure on the rupee which has lost about 15 per cent against the US dollar since September,2011.
The trade deficit for 2011-12 stood at $185 billion,the highest ever.