Indian Exports Rise Amidst Banking Conclave

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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.

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