Exports Rise 34% in April To $24 bn.

The new financial year started on a strong note for Indian exports, which grew 34.4% in April to $23.9 billion, but the government warned of tough months ahead. What may be another worrying signal is a 14.1% rise in imports to $32.8 billion although prices of several commodities led by oil, metals and bullion have shot up in recent months. This left India with a trade deficit of $8.9 billion in April.

For the last few months, exports have been growing at a scorching pace and helped push India's export during 2010-11 to a record $246 billion with a growth rate of 37.55%, another record.

The momentum seems to have continued into the new financial year as engineering goods remained the star performer. The segment clocked a growth of 109% and shipments during April were estimated to have touched $6.8 billion. Export of petroleum products grew 53% to $4.3 billion and gems and jewellery exports rose 39% to $2.9 billion. Readymade garments clocked a 12.7% growth. On the flip side, a few sectors such as iron ore and marine products showed a decline. Rahul Khullar told reports that shipments generally peak in the last quarter of a financial year, which explains moderation in April.

Source : timesofindia.indiatimes.com