India’s export growth slowed significantly to an 18-month low, as the global financial crises seem to have affected demand from key markets and inadequate liquidity in the domestic market hurt exporters.
Exports increased by 10.4 per cent in dollar terms to $13.74 billion in September 2008, against $12.45 billion in the same month last year.
Imports during the same month expanded by 43.3 per cent to $24.38 billion from $17 billion in the same month last year, according to data released by the commerce ministry today.
The trade deficit more than doubled to touch $10.63 billion in September 2008, from $4.5 billion in the year-ago month. In the first six months ended September 2008, the trade deficit grew by 53.2 per cent to $60 billion, nearly two thirds of the total trade deficit in 2007-08.
In the first six months (April-September), India exported goods worth $95 billion (see table) that is the almost half of the $200 billion export target in 2008-09. Imports in the same period stood at $154.74 billion, compared to $111 billion in the year ago period. There is no official estimate on imports for the current financial year.
