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Updated: June 1, 2010 23:24 IST

First month exports up 36 %

Special Correspondent
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Exports jumped by 36.2 per cent to $16.88 billion in April, showing clear signs that the export sector was making a strong comeback. After continuous decline for 13 months since October 2008, exports turned positive in November 2009; and since then shipments have followed the growth path. Exports had shrunk nearly 30 per cent to $12.4 billion in April last year under the impact of the worst global recession in 60 years.

Imports too rise

However, imports too increased by 43.3 per cent to $27.3 billion during the month from $19.05 billion a year ago. Oil imports increased to $8.08 billion from $4.74 billion in April last year. The trade deficit was at $10.4 billion in April against $6.7 billion in the year-ago period. At $176.5 billion, exports contributed about 17 per cent of the country's gross domestic product.

According to Federation of Indian Export Organisations (FIEO) President A. Sakthivel, “The first month figure of the current fiscal is a clear indication that we would be able to meet the export target of $200 billion set for 2010-11.” He, however, said the government needed to regularly review its strategy in view of the setback in the Eurozone recently and hoped that the crisis would not spread further.

Keywords: exportsimports

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