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India's merchandise exports in January 2012 registered only a 10.1 per cent growth year-on-year to $25.34 billion owing to a poor demand in markets abroad.
However, this export performance was a shade better than the 3.87 per cent growth in November 2011 and 6.7 per cent in December 2011.
Meanwhile, imports during January grew at a faster pace of 20.25 per cent to $40.1 billion, resulting in a trade deficit of $14.7 billion.
Cumulative value of exports during the fiscal so far (April 2011-January 2012) was $242.79 billion, registering a robust growth of 23.47 per cent.
RECORD TRADE DEFICIT
Total imports for 10 months this fiscal were $391.46 billion, recording a 29.4 per cent growth. This led to the trade deficit for the period widening to $148.66 billion, up from $105.89 billion during the same period in the previous fiscal.
Mr M. Rafeeque Ahmed, President, Federation of Indian Export Organisations, said trade deficit may touch a record $170 billion this fiscal in view of the crude oil prices moving northward and the growing imports of gold and silver.
Mr Ahmed said 2012 would be a difficult year for exports in view of growing uncertainty in the Euro Zone and slackening demand in other advance economies.
OIL IMPORTS
Oil imports during January were $12.32 billion, up 26.78 per cent, while imports of the commodity during April 2011-January 2012 rose 38.8 per cent to $117.9 billion.
Non-oil imports, including capital goods, during January 2012 jumped 17.5 per cent to $27.78 billion, while imports of these items during April 2011-January 2012 grew 25.7 per cent to $273.5 billion.
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