The economic crisis-worn exports sector posted a staggering 36.2 per cent growth in April to $16.9 billion, but the government tempered the euphoria saying growth appeared large due to last year’s poor showing.
Last April, exports had shrunk nearly 30 per cent to $12.4 billion in line with a nine per cent contraction in global trade as a result of a worldwide financial crisis.
India’s exports contracted for 13 straight months starting October 2008, before turning positive in November 2009.
Barring food grains and handicrafts, all other sectors such as textiles, gems and jewellery and marine products performed well in April.
“Don’t get carried away by these numbers... because base was low and that’s why you have an increase in percentage terms. You are still running below the export level in April 2008-09,” the commerce secretary, Mr Rahul Khullar, said.
Low base effect makes even a nominal increase now appear large because the numbers in the year-ago comparable period were too low. Imports for April increased by 43.3 per cent to $27.3 billion from $19.1 billion a year ago. Trade deficit was $10.4 billion against $6.7 billion in the year-ago period. — PTI