India's trade gap narrows as exports grow faster in January

India's exports grew at a faster pace of  32.4 per cent year-on-year in January 2011 to $20.61 billion even as imports into the country grew at a slower pace of 13.1 per cent to 28.59 billion.

The country's trade deficit for April-January 2010-11 is estimated at $88.97 billion, marginally lower than the deficit of $89.84 billion during April-January 2009-10.
 
Exports into the country stood at $20.61 billion (Rs93,534 crore) in January 2011, up 32.4 per cent year-on-year in dollar terms and 30.8 per cent higher in rupee terms, compared to exports worth $15.56 billion (Rs71,500 crore) in January 2010.

Cumulative value of exports for the period April-January 2010-11 stood at $184.63 billion (Rs8,42,063 crore), showing a growth of 29.3 per cent in dollar terms and 23.8 per cent in rupee terms compared to exports worth $142.74 billion (Rs6,80,382 crore) during April-January 2009-10.

Imports into the country during January 2011 were valued at $28.59 billion (Rs1,29,764 crore), up 13.1 per cent in dollar terms and 11.7 per cent higher in rupee terms against imports valued at $25.27 billion (Rs1,16,127 crore) in January 2010.

Cumulative value of imports for the period April-January 2010-11 stood at $273.60 billion (Rs1,248,141 crore) recording a growth of 17.6 per cent in dollar terms and 12.7 per cent in rupee terms compared with imports worth $232.58 billion (Rs11,07,732 crore) during the same period last year.

Crude oil imports, which form a major part of the country's imports, during January 2011 were valued at $7.85 billion, down 7.8 per cent from the oil imports valued at $8.51 billion in the corresponding period last year.