Nov exports rise 3.9% at $22.3 bn y-o-y

Exports grew by merely 3.8% to $22.3 billion in November 2011 year-on-year due to economic slowdown in western markets of the US and Europe.

On the other hand, imports were up by 24.5% to $35.9 billion in the month year-on-year, according to the Commerce Ministry data released today.

In November 2010, exports stood at $21.2 billion, while imports were at $28.8 billion.

A muted export growth is mainly due to declining demand from Europe and the US.

"Despite all odds and dismal global situation, we would be able to reach $275 billion by the end of this fiscal," Federation of Indian Export Organisations (FIEO) President Ramu S Deora said.

Commerce Secretary Rahul Khullar had said the total exports for the current fiscal would be about $280 billion, against the targeted $300 billion for 2011-12, due to slowdown in key European markets.

Due to better performance in the previous months, the country's exports grew by 33.2% to $192.6 billion in the April-November 2011-12 year-on-year.

During the first eight months of the fiscal, imports also rose by 30.2% to $309.5 billion leaving a trade gap of $116.8 billion.

In November, oil imports grew by 32.2% to $10.3 billion. Non-oil imports rose by 21.69% to $25.6 billion over the year-ago period.

During April-November, oil imports stood at $94.1 billion, an increase of 42.67%. Non-oil imports rose by 25.4% to $215.4 billion.