India's Exports grow by 3.8 pc in November 2011

New Delhi, Jan 2 (PTI) India's exports grew by a low 3.8 per cent to USD 22.3 billion in November 2011 year-on-year due to economic slowdown in western markets of the US and Europe. On the other hand, imports were up by a robust 24.5 per cent to USD 35.9 billion in the month year-on-year, according to the Commerce Ministry data released today. In November 2010, exports stood at USD 21.2 billion, while imports were at USD 28.8 billion. A muted export growth is mainly due to declining demand from Europe and the US. "Despite all odds and dismal global situation, we would be able to reach USD 275 billion by the end of this (2011-12) fiscal (ending March 31, 2012)," Federation of Indian Export Organisations (FIEO) President Ramu S Deora said. India's Commerce Secretary Rahul Khullar had said the total exports for the current fiscal would be about USD 280 billion, against the targeted USD 300 billion for 2011-12, due to slowdown in key European markets. Due to better performance in the previous months, the country's exports grew by 33.2 per cent to USD 192.6 billion in the April-November 2011-12 period year-on-year. During the first eight months of the fiscal, imports also rose by 30.2 per cent to USD 309.5 billion leaving a trade gap of USD 116.8 billion. In November, oil imports grew by 32.2 per cent to USD 10.3 billion. Non-oil imports rose by 21.69 per cent to USD 25.6 billion over the year-ago period. During April-November, oil imports stood at USD 94.1 billion, an increase of 42.67 per cent. Non-oil imports rose by 25.4 per cent to USD 215.4 billion. PTI