Indian exports rise 22.5 percent to $16.64 bn in August as per official data

New Delhi, Oct 1 (Calcutta Tube) India’s exports rose for the 10th consecutive month in August, growing an annual 22.5 percent to $16.64 billion (Rs.77,509 crore), official data showed Friday.

Exports for August 2009 stood at $13.58 billion (Rs.65,670 crore).

Imports during the month under review rose 32.2 percent at $29.67 billion (Rs.138,211 crore), widening the country’s trade deficit to $13.04 billion.

The imports in August 2009 were valued $22.45 billion (Rs.108,506 crore), according to the data released by the commerce ministry.

Cumulative value of exports increased 28.6 percent during first five months of 2010-11 at $85.27 billion compared to $66.3 billion in the same period last fiscal.

India is targeting a 15 percent growth in this fiscal’s exports, having seen a 4.7 percent dip in 2009-10, owing to the global financial crisis.

Value of imports for the period April-August rose 33.1 percent at $141.89 billion against $106.6 billion the likewise period in 2009-10.

‘The trade deficit for April-August, 2010 was estimated at $56.62 billion which was higher than the deficit of $40.27 billion during April-August, 2009,’ said the ministry’s statement.

Recently, Commerce Secretary Rahul Khullar had expressed concern over the widening trade deficit, pegging it at around $135 billion. He, however, said for now this deficit ‘within manageable limits and is eminently financeable.’

‘Can we continue financing a $135-billion trade deficit and for how long? We now need to do something very major to give our exports a further boost. The next challenge is to take our total exports from $200 billion to $400 billion,’ Khullar had said.

Oil imports during August stood at $7.79 billion, 12.4 percent higher than oil imports valued at $6.93 billion in the corresponding month last year.

Non-oil imports during the month were estimated at $21.88 billion, was 41.1 percent higher than that in August, 2009.

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