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  3. India’s export snaps 8-month declining trend; rise at an annual rate of 0.82% in Jan’13

India’s export snaps 8-month declining trend; rise at an annual rate of 0.82% in Jan’13

13 Feb 2013 Evaluate

Snapping eight months declining trend, India's exports rose at an annual rate of 0.82% at $25.58 billion in January, with imports too rising by 6.12% at $45.58 billion for the month, leaving a trade deficit of $19.99 billion. Export and imports stood at level of $25.37 billion and at $42.95 billion respectively in January, 2012. However, exports between April and January fell 4.86% to $239.68 billion as against $251.93 billion in the same month of the previous year.

Adding to the country's economic gloom and heightening worries about its trade and current account deficits, exports have fallen since last year as demand slowed from major sales destinations. Meanwhile, cumulative value of imports for the period April-January, 2012-13 was at $406.85 billion as against $406.82 billion registering a positive growth of 0.01% over the same period last year.

Optimistic on this data, Commerce Minister Anand Sharma said, the government is hopeful that exports in January will help close the trade gap. The trade deficit for April-January, 2012-13 was estimated at $167.16 billion much higher than the deficit of $154.89 billion during April -January, 2012.

He further added that gold imports are a matter of concern and a balanced approach is needed towards gold import. India, which imported about 750 tons of gold last year, with 60 percent of that through banks has already increased the import duty on gold, which now stands at 6%.

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