India’s exports fall 1.76 percent in fiscal 2012-13

New Delhi  :  India’s fiscal exports decreased 1.76 percent to $300.6 billion in 2012-13 owing to global economic uncertainties, government data showed Thursday.

The imports, however, increased by a marginal 0.44 percent to $491.48 billion from $489.31 billion in 2011-12, leaving a trade deficit of $190.91 billion, an increase of 4.12 percent, from $183.35 billion in 2011-12.

According to data furnished by the commerce ministry, crude oil, which is a major component of India’s imports, grew by 9.22 percent at $169.25 billion from $154.96 billion in 2011-12.

“Non-oil imports during April-March 2012-13 were valued at $322.23 billion, which was 3.62 percent lower than the level of such imports valued at $334.35 billion in April-March 2011-12,” the ministry said in a statement.

For March, India’s exports were up by 6.97 percent, as overseas earnings stood at $30.84 billion from $28.83 billion reported in the corresponding period of last year.

Imports grew at a slower pace in comparison to exports at 2.87 percent in the month under review at $41.16 billion from 42.38 billion in the same month of 2011-12.

Oil imports during March were lower by 16.56 percent valued at $13.32 billion from $15.97 billion in the corresponding month last year. Non-oil imports during the last month grew by 5.41 percent at $27.83 billion from $26.40 billion in March, 2013.