India's Exports Grow 27 Percent
India's merchandise exports rose 27 percent in April, the first month of the current fiscal year, the government said Friday suggesting the momentum seen in the past year was continuing.
Indian exports grew 25 percent to a record euro79 billio in the year ended March 2006, and in April, latest data showed, exports totaled euro6.5 billion, up 27 percent on year, the trade ministry said.
The growth seen in April is well above the 20 percent target set by the government for the current fiscal year, which runs from April through March.
Despite an impressive growth in exports in recent years, India still remains a small player in the global market, accounting for less 1 percent of world trade.
Imports grew 21 percent to euro9.8 billion, reflecting the buoyancy of the Indian economy, the ministry said in a statement.
A large part of the import growth was, however, attributed rise in global oil prices.
India meets three-fourth of its crud oil needs through import and the country's oil import bill for April was up 35 percent from a year ago, the ministry said.
India's trade deficit rose 9.4 percent to euro3.3 billion, but there was little concern over the widening trade gap in the face of huge foreign exchange reserves.
Foreign exchange reserves, meanwhile, have steadily risen over the past five years, helped by remittances and revenues earned by Indian software companies from outsourcing of services by western countries.
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