India’s exports grew at a sluggish rate of 3.23 per cent to $24.45 billion in April, while imports increased by 3.83 per cent to $37.94 billion, leaving a trade deficit of $13.48 billion, according to the recent official data, reports IANS.
Growth in exports has turned sluggish in recent months due to weak demands of Indian products in the traditional markets like the US and European countries.
Exports had increased by 20.94 per cent to $303.71 billion in financial year ended March 31, 2012, surpassing the government’s target of $300 billion.
In the first month of the current financial year, exports of engineering products grew by 14.2 per cent at $5.2 billion. Electronics exports grew by 5.4 per cent to $0.6 billion, drugs, and pharmaceuticals exports rose by 33 per cent to $1.1 billion.
Trade deficit widened to a record $184.92 billion in 2011-12, substantially higher than the government’s target of $150 billion, and $118.63 billion deficit recorded in the previous fiscal.