August exports up 22.5% at $16.64 bn

August exports up 22.5% at $16.64 bn

New Delhi: India’s exports rose for the tenth straight month in August, growing an annual 22.5 percent to $16.64 billion, government data on Friday showed.

Imports for the month rose 32.2% to $29.7 billion, widening the country’s trade deficit to $13.04 billion.

Exports during the April-August period rose 28.6 percent to $85.27 billion.

Asia’s third-largest economy is targeting close to 15% export growth in the current fiscal year, following a drop of 4.7% in the 2009/10 fiscal year as the global financial crisis-led slowdown crimped demand.

The August trade deficit has widened to a 23-month high and India’s trade secretary has raised his projection for the full-year figure, but said the bulging deficit was not yet a problem and could be financed.