The country’s exports grew by 34.4 per cent on an annual basis to $23.8 billion in the first month of the 2011-12 fiscal, maintaining the growth momentum of the previous fiscal.
Imports were up 14.1 per cent at $32.8 billion in April year-on-year, leaving a trade gap of $8.9 billion, according to data released by the Commerce Ministry today.
However, the export growth was lower in April compared to the robust growth of 44 per cent in March.
The Commerce Secretary, Mr Rahul Khullar, has said though the growth in April was lower than March, it was not a big concern.
“March is always a peak month, I am not worried,” he has said.
During April, crude oil imports grew by 7.7 per cent to $10.1 billion from $9.4 billion in the same month last year. Non-oil imports also went up by 17.3 per cent to $22.6 billion from $19.3 billion.
The country’s total merchandise exports aggregated $246 billion in the previous fiscal, growing by 37.55 per cent.
During 2010-11 fiscal, the imports stood at $350 billion, down by 21.6 per cent, and the trade deficit was $104 billion.