Don’t get excited, says govt
The country’s merchandise trade began the new financial year (2010-11) with a bang as exports stood at $16.9 billion in April, a robust 36.2 per cent increase over $12.4 billion in the same month last year.
Meanwhile, imports surged by an impressive 43.3 per cent at $27.3 billion, against $19.1 billion in April 2009.
Trade deficit, or the difference between exports and imports, reached $10.4 billion in April, 55 per cent more than $6.7 billion in the same month in 2009, according to initial estimates by the Ministry of Commerce and Industry.
“The export numbers continues to be good but there’s nothing to be gung-ho about, as the growth is reflective mainly of a low base effect, as exports had hit absolute bottom last year. We have not yet been able to reach the pre-recession level, when exports were at $18.5 billion in April 2008,” Commerce Secretary Rahul Khullar said here today while releasing the quick estimates. The official data are expected on June 1.
He, however, lauded the growth in imports, saying it was a reflection of growing demand in domestic industry as well as exports.
The country’s total exports reached $176.5 billion in 2009-10, 4.7 per cent less compared with $185.3 billion in 2008-09. Imports also declined 8.2 per cent to $278.7 billion in 2009-10, against $303.7 billion in 2008-09.
