PTI reported that India's exports grew by 34.4% YoY to INR 23.8 billion in the first month of the 2011-12 fiscal, maintaining the growth momentum of the previous fiscal.

According to data released by the commerce ministry, imports were up by 14.1% YoY at INR 32.8 billion in April 2011, leaving a trade gap of INR 8.9 billion. However, the exports growth was lower in April 2011 as compared to the robust growth of 54% in March 2011.

Commerce secretary Mr Rahul Khullar has said though the growth in April 2011 was lower than March 2011, it was not a big concern. He added that "March is always a peak month, I am not worried."

In April 2011, crude oil imports grew by 7.7% to INR 10.1 billion from INR 9.4 billion in the same month last year. Non oil imports also went up by 17.3% to INR 22.6 billion in the month under the review from INR 19.3 billion in the same period last fiscal.

The country's total merchandise exports aggregated INR 246 billion in the previous fiscal, growing by an impressive 37.55%. Imports in the 2010-11 fiscal stood at INR 350 billion, down by 21.6% and the trade deficit was INR 104 billion.

(Sourced from PTI)