Exports Rise 32 percent to US$14 billion in April

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June 3 – India's export growth accelerated in April as companies shipped more gems, jewelry, oil and other manufactured products to overseas markets, reported Bloomberg.

Shipments jumped 31.5 percent to US$14.4 billion from a year earlier, faster than March's 26.6 percent gain, the government said in a statement in New Delhi today. Imports in April rose 36.6 percent to US$24.3 billion, widening the trade deficit to an all-time high of US$9.87 billion.

Overseas sales have risen as companies boost shipments to Europe, Japan and other developing Asian nations to counter slowing demand from the U.S., India's biggest export market. Increased sales abroad may help sustain growth in Asia's third- largest economy as inflation at a three and a half year high crimps domestic spending.

Indian exports “are being buttressed by strong demand from emerging markets and oil-producing countries, helping offset slackening demand from OECD countries,'' said Sonal Varma, a Mumbai-based economist at Lehman Brothers Inc. “A weaker currency also bodes well for India's low-cost, labor-intensive exports, notably textiles and leather.''