India's exports grow by 4.3 pc in February, slowest in 3 months

New Delhi, Mar 9 (PTI) India's exports recorded the slowest pace of growth in three months at 4.3 per cent year-on-year at USD 24.6 billion in February 2012, mainly due to the global slowdown. In sharp contrast, imports grew at a faster rate of 20.6 per cent year-on-year to USD 39.8 billion in the month under review year-on-year, translating into a trade deficit of USD 15.2 billion. From a peak of 82 per cent in July 2011, export growth slipped to 44.25 per cent in August, 36.36 per cent in September, 10.8 per cent in October and 3.8 per cent in November 2011. However, exports grew 6.7 per cent in December, and over 10 per cent in January. During the April-February period of the 2011-12 Indian fiscal, exports aggregated to USD 267.4 billion, a year-on-year growth of 21.4 per cent, thanks to the surge witnessed in the earlier months of the fiscal. "Roughly speaking, exports through the year (2011-12 ending March 31, 2012) should be in the neighbourhood of USD 292-USD 298 billion. Imports will be close of about USD 480 billion and we are looking at a trade deficit in the order of USD 175-USD 180 billion," India's Commerce Secretary Rahul Khullar said. During the 11-months period, oil imports increased by 41 per cent to USD 132.6 billion. Indian exporters body FIEO said exports have been hit by the slowdown in the US and eurozone, the traditional markets which account for about 35 per cent of India's exports. Khullar said that increasing import bill and widening trade deficit would put pressure on the Indian rupee. PTI