According to data released by the Commerce Ministry in New Delhi on 1
June 2012 India's exports registered a growth of 3.2 per cent on
year-on-year basis to 24.4 billion dollar in April 2012. Exports figure
in April 2011 stood at 23.6 billion dollar. The slumping export figures
are largely attributed to the slowing global demand of goods.
Imports during the same period witnessed a growth of 3.8 per cent to
37.9 billion dollar, creating a trade deficit of 13.4 billion dollar. In
April 2012, the country's oil imports grew about 7 per cent to 13.9
billion dollar compared to the same period in 2011. Non-oil imports
expanded 2 per cent on year-on-year basis to 24 billion dollar during
April the first month of fiscal year 2012-13.
On an annual basis Indian exports expanded 21 per cent to 303.7
billion dollar in the fiscal year 2011-12. The imports during the same
period grew 32.2 per cent to 488.6 billion dollar. The trade deficit for
the full fiscal year was 184.9 billion dollar.
A higher trade deficit will have an adverse impact over already
ailing Indian economy. The broadening trade deficit could worsen the
current account balance of the country and further weaken the rupee.
