Feb export slowest in 3 months at 4.2 percent

New Delhi: India's exports recorded the slowest pace of growth in three months, 4.2 percent year-on-year, at $24.6 billion in February due to the global slowdown.

In sharp contrast, imports grew at a faster rate of 20.6 percent year-on-year to $39.7 billion in February, translating into a trade deficit of $15.1 billion.

Commerce Secretary Rahul Khullar has expressed concerns over the ballooning trade deficit, saying that since October exports are decelerating faster than imports.

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From a peak of 82 percent in July, export growth slipped to 44.25 percent in August, 36.36 percent in September and 10.8 percent in October, 3.8 percent in November 2011.

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However, exports grew 6.7 percent in December, and over 10 percent in January. During the April-February period in 2011-12, exports aggregated to $267.4 billion, a year-on-year growth of 21.4 percent, thanks to the surge witnessed in the early months of the fiscal.

According to experts the country's exports would be around $292-$298 billion during 2011-12. During the 11-month period, imports increased by 29.4 percent to $434.1 billion.

Trade gap during the period stood at $166.7 billion. Oil imports in February grew by 39.4 percent to $12.65 billion from $9 billion in the same period last year. Non-oil imports increased by 13.5 percent to $27.12 billion.

PTI