Inder's Internet Blog: New delhi

NEW DELHI: The country's exports rose at their slowest pace in nearly two years in November as the slowdown in the key markets of the United States and Europe hurt demand, data showed on Monday.

Data released by the commerce and industry showed exports grew 3.87% to $22.3 billion in November, 2011, compared to $21.49 billion in the same year-ago month, while imports were up 24.5% at $35.92 billion. In November, 2010, imports aggregated $28.84 billion.

In December, the commerce ministry said it had overestimated exports by over $9 billion due to software upgrade and punching errors that prompted a revision of data revision for the previous eight months. The government had said that data on engineering exports was inflated by around $15 billion, while export of gems and jewellery and petroleum products was underestimated by $12 billion.

Officials say exports for the current fiscal would be around $280 billion, a shade below the $300 billion target for 2011-12 due to global economic slowdown.

Exporters said they were hopeful of meeting the target, but the situation in Europe remained a key concern.

"Exports for the full year will be around $280 to $300 billion. The third and fourth quarter will be difficult. But the trade deficit will be a worry. It will widen to $160-$175 billion," said Ramu Deora, president of Federation of Indian Export Organizations.

He said shipments to the US had shown some improvement but the eurozone was a worry. Deora said easing interest rates would help exporters, had input costs had gone up. He said exporters had diversified to markets in ASEAN, Africa, South and Central America to beat the slowdown in the US and Europe.

Between April-November exports grew 33.2% to $192.7 billion while imports also rose 30.2% to $ 309.53 billion. The trade deficit during the eight months of the fiscal year stood at $116.8 billion.

Oil imports grew 32.28% to $10.3 billion in November, while non-oil imports rose 21.69% to $25.6 billion. Between April and November oil imports stood at $94.1billion, an increase of 42.67% compared to $65.97 billion in the same year-ago period. Non-oil imports, a key gauge of economic activity, rose 25.46% to $ 215.41 billion during the April-November period.

Article Source: http://timesofindia.indiatimes.com/business/india-business/Export-growth-at-2-yr-low-in-Nov/articleshow/11346023.cms

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