Indian export growth which have been growing at breakneck speed in the first half of fiscal year, decelerated to 18.51% valued at USD 9.6 billion (from USD 8.1 billion last year) raising fears that overall cumulative growth for the year may be impacted. Indian exports grew at 35% to USD 69.5 billon last fiscal year (USD 51.5% year before). Indian fiscal years are from April 1 to March 31.
However, imports increased substantially at 39.25% in October to USD 15.82 billion compared to USD 11.36 billon in October last year resulting in a trade deficit of USD 6.2 billion as opposed to USD 2.9 billion last year. Cumulative imports this fiscal was at USD 99.75% up 32.95% from USD 75 billion last year.
A good chunk of imports increase has been attributed to import of crude oil which jumped from USD 3.44 billion to USD 5.34 billion in October. Cumulative crude oil import numbers were also substantial at USD 34 billion up 39.45% from USD 24.38 billion. The cumulative trade deficit April-October 2006 is valued at USD 30.23 billion compared to USD 23.51 billion.
This data is compiled and released by the Directorate General of Commercial Intelligence and Statistics. The Directorate did not say what caused the reduced exports.