Reflecting some
recovery in the global markets, India's exports grew for the third
month in a row, rising by 6.97 per cent in March though on annual basis
it declined 1.76 per cent to 300.6 billion dollars in 2012-13.
Exports in March stood at 30.8 billion dollars compared to 28.8 billion dollars in the same month of previous year.
Imports
dipped by 2.87 per cent to 41.16 billion dollars in March, leaving a
trade deficit of USD 10.31 billion from 13.5 billion dollars in March
last year. In January, it had widened to 20 billion dollars, the second
highest figure ever in a month.
However,
for 2012-13, the trade deficit grew to 190.91 billion dollards as
against 183.3 billion dollards in the previous fiscal.
With a
view to boost exports, the government announced several measures in
foreign trade policy (FTP) including extension of the popular EPCG
scheme to all sectors and sops for Special Economic Zones (SEZs).
Exports had entered positive zone after a gap of eight months in January when it recorded a growth of 0.82 per cent.
Commerce Secretary S R Rao said exports are gradually picking up and hoped the current trend will continue.
"Export performance has started picking up. For March, the export
performance has picked by a slightly robust figure as compared to the
previous two months. We do expect this trend to continue and we would
like to consolidate," Rao said.
He said if the current trend continued, India's exports is expected to grow by about 10 per cent this fiscal.
"...I should assume a minimum of 10 per cent (growth) if trend continues...," he added.
On trade deficit, Rao said that it has come down slightly "which is a
good news. Given a very weak performance for major part of the year, I
think in the last 3-4 months, we really covered a good deal of ground
which is not sufficient but certainly there is progress in exports".
During 2012-13, imports grew by 0.44 per cent to 491.48 billion
dollars, leaving a trade deficit of 182.1 billion dollars from 183.3
billion dollars in 2011-12.
Oil imports in March 2013 declined
by 16.56 per cent to 13.32 billion dollars. During the previous fiscal,
the imports however grew by 9.22 per cent to 169.25 billion dollars from
154.96 billion dollars in 2011-12.
Non-oil imports in March
increased by 5.41 per cent to 27.83 billion dollards but during 2012-13,
it dipped 3.62 per cent to 322.23 billion dollars.
While
announcing sops for exporters, commerce and industry minister Anand
Sharma said in 2012-13, India's exports to Asia, Africa and Latin
America touched 195.27 billion dollars, accounting for 65 per cent of
the total export basket.
"This is indeed a development with significant import as South-South trade is assuming a new dynamics.
"Apart from this, value added exports have got a centrality in our export basket as engineering exports
accounted for 57 billion dollars, textiles accounted for 26 billion
dollars and pharmaceuticals at 15 billion dollars".
AARTI
PGDM 2 nd SEM
However,
for 2012-13, the trade deficit grew to 190.91 billion dollards as
against 183.3 billion dollards in the previous fiscal.
With a view to boost exports, the government announced several measures in foreign trade policy (FTP) including extension of the popular EPCG scheme to all sectors and sops for Special Economic Zones (SEZs).
Exports had entered positive zone after a gap of eight months in January when it recorded a growth of 0.82 per cent.
Commerce Secretary S R Rao said exports are gradually picking up and hoped the current trend will continue.
"Export performance has started picking up. For March, the export performance has picked by a slightly robust figure as compared to the previous two months. We do expect this trend to continue and we would like to consolidate," Rao said.
He said if the current trend continued, India's exports is expected to grow by about 10 per cent this fiscal.
"...I should assume a minimum of 10 per cent (growth) if trend continues...," he added.
On trade deficit, Rao said that it has come down slightly "which is a good news. Given a very weak performance for major part of the year, I think in the last 3-4 months, we really covered a good deal of ground which is not sufficient but certainly there is progress in exports".
During 2012-13, imports grew by 0.44 per cent to 491.48 billion dollars, leaving a trade deficit of 182.1 billion dollars from 183.3 billion dollars in 2011-12.
Oil imports in March 2013 declined by 16.56 per cent to 13.32 billion dollars. During the previous fiscal, the imports however grew by 9.22 per cent to 169.25 billion dollars from 154.96 billion dollars in 2011-12.
Non-oil imports in March increased by 5.41 per cent to 27.83 billion dollards but during 2012-13, it dipped 3.62 per cent to 322.23 billion dollars.
While announcing sops for exporters, commerce and industry minister Anand Sharma said in 2012-13, India's exports to Asia, Africa and Latin America touched 195.27 billion dollars, accounting for 65 per cent of the total export basket.
"This is indeed a development with significant import as South-South trade is assuming a new dynamics.
"Apart from this, value added exports have got a centrality in our export basket as engineering exports accounted for 57 billion dollars, textiles accounted for 26 billion dollars and pharmaceuticals at 15 billion dollars".
With a view to boost exports, the government announced several measures in foreign trade policy (FTP) including extension of the popular EPCG scheme to all sectors and sops for Special Economic Zones (SEZs).
Exports had entered positive zone after a gap of eight months in January when it recorded a growth of 0.82 per cent.
Commerce Secretary S R Rao said exports are gradually picking up and hoped the current trend will continue.
"Export performance has started picking up. For March, the export performance has picked by a slightly robust figure as compared to the previous two months. We do expect this trend to continue and we would like to consolidate," Rao said.
He said if the current trend continued, India's exports is expected to grow by about 10 per cent this fiscal.
"...I should assume a minimum of 10 per cent (growth) if trend continues...," he added.
On trade deficit, Rao said that it has come down slightly "which is a good news. Given a very weak performance for major part of the year, I think in the last 3-4 months, we really covered a good deal of ground which is not sufficient but certainly there is progress in exports".
During 2012-13, imports grew by 0.44 per cent to 491.48 billion dollars, leaving a trade deficit of 182.1 billion dollars from 183.3 billion dollars in 2011-12.
Oil imports in March 2013 declined by 16.56 per cent to 13.32 billion dollars. During the previous fiscal, the imports however grew by 9.22 per cent to 169.25 billion dollars from 154.96 billion dollars in 2011-12.
Non-oil imports in March increased by 5.41 per cent to 27.83 billion dollards but during 2012-13, it dipped 3.62 per cent to 322.23 billion dollars.
While announcing sops for exporters, commerce and industry minister Anand Sharma said in 2012-13, India's exports to Asia, Africa and Latin America touched 195.27 billion dollars, accounting for 65 per cent of the total export basket.
"This is indeed a development with significant import as South-South trade is assuming a new dynamics.
"Apart from this, value added exports have got a centrality in our export basket as engineering exports accounted for 57 billion dollars, textiles accounted for 26 billion dollars and pharmaceuticals at 15 billion dollars".
AARTI
PGDM 2 nd SEM
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