By IANS,
New Delhi : Amid weakening global demand, India’s export growth fell to 3.87 percent in November against an average 33.21 percent in the first eight months of 2011-12 fiscal, widening the trade deficit to $13.6 billion, official data showed Monday.
Exports in the month of November were recorded at $22.32 billion, which is 3.87 percent more than the $21.49 billion worth of exports during the corresponding month of the previous year.
But imports jumped by 24.55 percent to $35.92 billion, resulting in the monthly trade deficit of $13.6 billion, according to data released by the ministry of commerce and industry.
The cumulative value of exports in April-November 2011 was $192.7 billion, 33.21 percent higher than $144.66 billion exports registered during the corresponding period of last year.
In the April-November period, imports grew by 30.24 percent to $309.53 billion, resulting in trade deficit of $116.83 billion, compared with $93.0 billion a year earlier.
Petroleum and oil products and engineering goods led the exports growth.
During April-November period, exports of petroleum and oil products surged by 62.3 percent to $39.5 billion and exports of engineering goods jumped by 22.3 percent to $40.7 billion.
Imports of petroleum, oil and lubricants rose by 42.7 percent at $94.1 billion during April-November period.
The government is targetting around 20 percent increase of export growth for the current fiscal ending March 31, 2012.