India's exports grow 4.2 pc in Feb, slowest in 3 mths

New Delhi, Apr 2 (PTI) Impacted by economic and financial problems in the US and euro-zone countries, India's export growth slipped to a three-month low of 4.2 per cent to USD 24.6 billion in February 2012. In sharp contrast, imports grew at a faster rate of 20.6 per cent year-on-year during the month to USD 39.7 billion, leaving a trade deficit of USD 15.1 billion. From a peak of 82 per cent in July, 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 early months of the financial year. Industry experts said the country's shipments may touch USD 290 billion by the end of the fiscal. "We are inching towards our target of USD 300 billion but may fall short of it and reach USD 290 billion with expected average growth of 20 per cent," Federation of Indian Export Organisations (FIEO) President Rafeeque Ahmed said. During the 11-month period, imports increased by 29.4 per cent to USD 434.1 billion. Trade gap during the period stood at USD 166.7 billion. For fiscal 2011-12, India's Commerce Secretary Rahul Khullar said 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". Oil imports in February grew by 39.4 per cent to USD 12.65 billion from USD 9 billion in the same period last year. Non-oil imports increased by 13.5 per cent to $ 27.12 billion. Oil and non-oil imports during the 11-months period grew by 41 per cent and 24.89 per cent to USD 132.5 billion and USD 301.59 billion respectively. PTI