India's
exports grew by 34.4 per cent on an annual basis to $23.8 billion in the first month of the 2011-12 fiscal, maintaining the growth momentum of the previous fiscal.
Imports were up 14.1 per cent at $32.8 billion in April year-on-year, leaving a trade gap of $8.9 billion, according to data released by the Commerce Ministry on Wednesday.
However, the
exports growth was lower in April compared to the robust growth of 54 per cent in March.
Commerce Secretary Rahul Khullar said though the growth in April was lower than March, it was not a big concern.
"March is always a peak month, I am not worried," Khullar said.
In April this year, crude oil imports grew by 7.7 per cent to $10.1 billion from $9.4 billion in the same month last year. Non-
oil imports also went up by 17.3 per cent to $22.6 billion in the month under the review from $19.3 billion in the same period last fiscal.
The country's total merchandise exports aggregated $246 billion in the previous fiscal, growing by an impressive 37.55 per cent.
Imports in the 2010-11 fiscal stood at $350 billion, down 21.6 per cent, and the trade deficit was $104 billion.
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