The country’s merchandise shipments rose to $18.89 billion in November, up 26.5 per cent from $15 billion in the same month last financial year. The new year has brought cheer to the industry, which expects to not only meet the $200-billion target for 2010-11 but may exceed it as well.
Total exports during April-November topped $140.28 billion, a rise of 26.7 per cent from $110.68 billion in the same period in 2009-10, official data released today by the Ministry of Commerce and Industry stated.
Imports grew at a slower pace, rising 11.2 per cent to $27.80 billion in November, shrinking the trade deficit to $8.91 billion in November from $9.7 billion in October. The deficit had widened to a 23-month high of $13.06 billion in August.
Non-oil imports in November increased 15 per cent to $20.07 billion, while oil imports grew 2.31 per cent to $7.72 billion.
“That phase of trade deficit touching $13 billion is over and it is unlikely that for the remaining months it will shoot over $10 billion. The pickup in exports was long overdue. However, oil prices is something to watch out for in the coming months and seeing the risks involved in it, we think current account deficit to be around 3.5 per cent of the GDP,” said Deepali Bhargava, chief economist, ING Vysya Bank.
Bhargava also said the pickup in exports was expected to continue in the next financial year, with exporters having robust order books, indicating a rise in demand in the developed markets.
During the April-November period, imports were $221.96 billion, as against $179.06 billion during the same period in the previous year, registering 24 per cent growth.
| EXPORTING CHEER | |||
| 2010-11 | Exports | Imports | Trade deficit |
| April | 16.88 | 27.30 | 10.42 |
| May | 16.14 | 27.43 | 11.29 |
| June | 17.74 | 28.29 | 10.55 |
| July | 16.24 | 29.17 | 12.93 |
| August | 16.64 | 29.67 | 13.03 |
| September | 18.02 | 27.14 | 9.12 |
| October | 18.00 | 27.70 | 9.70 |
| November | 18.89 | 27.79 | 8.90 |
| *Figures in $ billion *Source: Ministry of Commerce and Industry | |||
Trade deficit during the first eight months of 2010-11 rose to $81.67 billion as against $68.37 billion during the same period in 2009-10.