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09 Dec 2011

Nov Exports Seen At $22.3 Bn

India's exports grew by 33.2% to $192.7 bn in the April-November period, says Rahul Khullar

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India's November exports are seen at $22.3 billion while imports for the month are seen at $35.9 billion, leaving a trade deficit f $13.6 billion, Trade Secretary Rahul Khullar told reporters on Friday.

India's exports grew by 33.2 per cent to $192.7 billion in the April-November period of the 2011-12 financial year, Commerce Secretary Rahul Khullar said, citing provisional data.

"Growth in exports is still good," he told reporters in New Delhi.

The country's imports also rose by 30.2 per cent to $309.5 billion during the period, leaving a trade gap of $116.8 billion, he said.

Exports in November stood at $22.3 billion, while imports amounted to $35.9 billion, Khullar said.

The trade deficit stood at $13.6 billion during the month under review, he added.

India's comfort level for current account deficit is 3-3.5 per cent of gross domestic product (GDP), Trade Secretary Rahul Khullar said on Friday.

He had earlier said India was facing a serious balance of trade problem as export figures so far in the current fiscal year have been overestimated by $9 billion.

India's posted a deficit of 2.6 per cent of GDP on its current account in the fiscal year ended March 2011.

A weak rupee would inflate the cost of oil imports and could pose an upside risk to the country's budgeted fiscal deficit target of 4.6 per cent of gross domestic product, Finance Minister Pranab Mukherjee told parliament on Friday.

Mukherjee also said the weakness in the rupee would increase the cost of servicing foreign debt and put pressure on the government's budget.

(Agencies)




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