Exports up a mere 3% in April on slow demand in Europe

New Delhi: India’s exports grew by a mere 3.2 percent year-on-year to $24.4 billion in April 2012 mainly due to demand slowdown in western markets like Europe.

Exports stood at $23.6 billion in April last year, according to data released by the Commerce Ministry here today.

Imports during the first month of the current fiscal grew 3.8 percent to $37.9 billion, leaving a trade deficit of $13.4 billion.

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The sectors which registered healthy export growth in April include engineering, electronics, pharmaceuticals and chemicals.

However, exports of gems and jewelleries contracted by 25.7 percent to $2.6 billion.

In April 2012, the country’s oil imports grew by about 7 percent to $13.9 billion compared to the same period last year.

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Non-oil imports grew 2 per cent year-on-year to $24 billion during the period.

During 2011-12, India’s overall exports grew 21 percent and marginally crossed the export target at $303.7 billion over the previous fiscal.

Imports shot up by 32.1 per cent to $488.6 billion in the last fiscal, ending the fiscal with the highest-ever trade deficit of $184.9 billion.

PTI