Exports cross $300 bn target, deficit up

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Agencies: New Delhi, May 01 2012, 12:31 IST

India's exports surpassed the target of USD 300 billion for 2011-12 despite problems in Europe and the US that led to decline in shipments by 5.71 per cent in March and spurt in trade deficit to all time high of USD 185 billion in the last fiscal.

Exports touched USD 303.7 billion for the previous fiscal, registering 21 per cent expansion. Exports in March declined to USD 28.68 billion from USD 30.41 in March 2011.

Imports for the month aggregated USD 42.6 billion leaving a trade gap of USD 13.9 billion, according to the data released by the Commerce Ministry today.

Import bill in 2011-12 touched USD 488.6 billion on account of rise in imports of crude oil and gold. Both items alone accounted for over 44 per cent of total import bill.

Commerce Secretary Rahul Khullar had said the trade deficit situation can worsen in the current fiscal.

"If balance of trade (BoT) is to stay exactly where it was, my exports need to grow by 28 per cent and that is impossible,we cannot do that...where are we going to drum up 25-30 per cent growth,"? he had asked.

The highest ever BoT remains an area of concern for the Reserve Bank and the exporters community - FIEO. "The financing of the current account deficit will continue to pose a major challenge," RBI has said in its credit policy.

While gold and silver imports grew by 44.4 per cent year - on-year to USD 61.5 billion, crude oil imports went up by 46.9 per cent to

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Reader's Comments (1)| Post a Comment

wish trade surplus in FY 13

alok | 01-May-2012Reply | Forward

Although energy is the main culprit by miles but as it serves purpose and provides much employment you can count it as second after useless and fatal inland non re export gold consumption which always needs bank lockers. Net imports of oil that is crude imports minus petro products exports can be reduced drastically from about 100 odd billion dollars to sub 50. Use solar and induction in place of LPG and kerosene and reduce motor fuel consumption by switching to electric traction , mass commutation , most efficient use of personal vehicles, rain water harvesting, developing railways on war footing at district, city, state and national level. We can convert equation exports 303 dollars - imports 488 dollars= trade balance -185 billion dollars and rupee at 54 per dollar in fy 12 to 540-539=1 billion dollars and rupee at 35 per dollar in fy 13 if policy makers ask common man for the same and we show some patriotism rather than being anto indian middle class and poor by careless and proud use of imported costliest energy, crude, useless fatal gold and ever changing time wasting tech.