According to data released by the Commerce Ministry, India's exports maintained their growth momentum in August 2011, rising by 44.2% YoY to USD 24.3 billion despite the economic woes in traditional Western markets.

Imports, too, grew by 41.8% YoY to USD 38.4 billion in August 2011, translating into a trade deficit of USD 14 billion during the month.

However, commerce secretary Mr Rahul Khullar has said that growth in coming months will be difficult on account of uncertainty in Western markets.

During the April to August 2011 period, India's exports grew by 54.2% YoY to USD 134.5 billion.

The Commerce Ministry data shows that in the April to August 2011 period, imports expanded by 40.4% to USD 189.4 billion. The trade gap during the period amounted stood at USD 54.9 billion.

Oil imports during August 2011, were valued at USD 10.3 billion, translating into a growth of 48.7% YoY, while non oil imports rose to USD 28 billion, an expansion of 39.4% YoY.

The data also shows that oil imports during the April to August 2011 period stood at USD 52.3 billion and non oil imports during the five month period amounted to USD 137 billion.

(Sourced from Financial Express)