India's merchandise exports rose 23.1 percent in April from a year ago, despite a sharp appreciation in the Indian currency, the commerce ministry said Friday.
Exports totaled US$10.6 billion (euro7.9 billion) in April compared with US$8.6 billion (euro6.4 billion) in the same month a year earlier, according to provisional data released by the ministry.
The provisional numbers often undergo significant revisions, however.
The numbers were surprising as analysts had expected exports growth to slow because of the rising rupee, which dents price competitiveness of Indian products in the world market.
The rupee has appreciated more than 10 percent against the U.S. dollar over the past two months and touched a nine-year high of 40.51 per dollar earlier this week.
The rupee's appreciation, which make imports expensive, also failed to discourage Indians from buying more foreign goods.
Imports grew 41 percent to US$17.6 billion (euro13.1 billion) in April despite a softening of global oil prices and a moderate 11.4 percent growth in oil imports.
As a result, the country's trade gap widened sharply to US$7.1 billion (euro5.3 billion) in April, up 79 percent from US$3.9 billion in the same month a year ago.
The figures do not include export of services, including outsourcing jobs done by India's information technology companies.
India's fiscal year runs April to March.
Exports grew 25 percent to US$125 billion last fiscal year. For the current year ending March 2008, the government has set a target of US$160 billion, which would require exports to grow 28 percent from a year ago.
Source : http://www.businessweek.com/ap/financialnews/D8PG2TI80.htm
Exports totaled US$10.6 billion (euro7.9 billion) in April compared with US$8.6 billion (euro6.4 billion) in the same month a year earlier, according to provisional data released by the ministry.
The provisional numbers often undergo significant revisions, however.
The numbers were surprising as analysts had expected exports growth to slow because of the rising rupee, which dents price competitiveness of Indian products in the world market.
The rupee has appreciated more than 10 percent against the U.S. dollar over the past two months and touched a nine-year high of 40.51 per dollar earlier this week.
The rupee's appreciation, which make imports expensive, also failed to discourage Indians from buying more foreign goods.
Imports grew 41 percent to US$17.6 billion (euro13.1 billion) in April despite a softening of global oil prices and a moderate 11.4 percent growth in oil imports.
As a result, the country's trade gap widened sharply to US$7.1 billion (euro5.3 billion) in April, up 79 percent from US$3.9 billion in the same month a year ago.
The figures do not include export of services, including outsourcing jobs done by India's information technology companies.
India's fiscal year runs April to March.
Exports grew 25 percent to US$125 billion last fiscal year. For the current year ending March 2008, the government has set a target of US$160 billion, which would require exports to grow 28 percent from a year ago.
Source : http://www.businessweek.com/ap/financialnews/D8PG2TI80.htm