New Delhi : Healthy growth in engineering, marine and leather goods shipments pushed export growth to 5-month high of 5.26 % in April, which, coupled with declining gold imports, narrowed the trade deficit to $ 10 billion. The deficit was $ 17.6 billion in April 2013.
Exports in the first month of the current fiscal aggregated at $ 25.63 billion, while imports declined by 15 % to $ 35.7 billion. Oil and non-oil imports in April declined by 0.6 % and 21.5 % to $ 12.97 billion and 22.74 billion respectively.
Engineering, marine and leather goods exports last month recorded growth of 21.25 %, 42.18 % and 30.42 % respectively. Iron ore exports too grew by 23.43 % to $ 152 million.
However, gems & jewellery exports dipped by 8% to $ 3.27 billion.
Gold imports last month declined by 74.13 % to $ 1.75 billion from $ 6.78 billion in April 2013. Apex exporters body FIEO said that this year the country’s exports are expected to register double digit growth and that will help keep trade deficit within the manageable limit.
India missed its export target by about USD 13 billion in the last financial year even as the trade deficit for 2013-14 shrank to a three-year low of USD 138.59 billion.