India's exports up 44.2% in August, imports grow by 41.8%

India's exports maintained their growth momentum in August, 2011, rising by 44.2 per cent year-on-year to $24.3 billion despite the economic woes in traditional Western markets, according to data released by the Commerce Ministry on Monday.

Imports, too, grew by 41.8 per cent to $38.4 billion in August, translating into a trade deficit of $14 billion during the month, as per the data.

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

During the April-August period, India's exports grew by 54.2 per cent to $134.5

billion, the data shows.

In the April-August period, imports expanded by 40.4 per cent to $189.4 billion.

The trade gap during the period amounted stood at $54.9 billion, the Commerce Ministry data shows.

Oil imports during August, 2011, were valued at $10.3 billion, translating into a growth of 48.7 per cent compared to the corresponding period last fiscal, while non-oil imports rose to $28 billion, an expansion of 39.4 per cent vis-a-vis the same month of 2010-11.

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