India’s export growth discounted by higher trade deficit in Aug 2011!

India’s exports came in at $24.3 billion in August 2011, up 44.2% year-on-year, amid slowdown in economic activity and negative consumer sentiment globally. Imports also showed a smart growth of 41.8% to $38.4 billion, leading to trade deficit of $14 billion for the month of August.

India being a major oil importing country, crude oil imports in August 2011 constituted more than quarter of the country’s import bills at $10.3 billion, as against almost $7 billion in the corresponding month last fiscal.

For the 5 months from April-August, exports has touched $134.5 billion mark, a growth of 54.2%. However, though exports have been strong, most of the positives have been offset by rising crude prices and surging oil imports for the period which stood at $52.3 billion.

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