Indian Exports Rise Amidst Banking Conclave
Mar. 11 – Posting growth for the second straight month, India’s exports rose by 4.25 percent to US$26.26 billion in February. Exporting sectors that performed well include engineering goods, automobiles, textiles, rice, oil meals, pharmaceuticals and chemicals. For comparison, Indian exports totaled US$25.19 billion in February 2012.
Commerce Secretary S. R. Rao attributed the rising export figures to a stronger European performance.
“Europe is performing better, as there is a slight improvement in demand [for Indian goods],” said Rao.
Imports also rose by 2.6 percent to US$41.1 billion in February, leaving India with a trade deficit of US$14.92 billion.
During April-February of the 2012-13 financial year, India’s exports declined by 4 percent to US$265.95 billion. Imports during that same period grew by 0.25 percent to US$448 billion, leaving India with a trade deficit of US$182.1 billion.
In related news, Indian and African industry leaders and officials are currently congregating in India for the 9th CII-EXIM Bank Conclave on India-Africa Project Partnership, the world’s largest India-Africa business meeting, to discuss additional bilateral engagements between India and Africa. Event participants will discuss 475 projects worth an estimated US$64 billion.
India’s trade with Africa has grown from US$4.6 billion in 2000 to approximately US$60 billion in 2012.
Dezan Shira & Associates is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in emerging Asia. Since its establishment in 1992, the firm has grown into one of Asia’s most versatile full-service consultancies with operational offices across China, Hong Kong, India, Singapore and Vietnam as well as liaison offices in Italy and the United States.
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