New Delhi: After contracting for eight straight months, India's exports grew by a meagre 0.82 per cent in January to $25.58 billion. Exports had stood at $25.37 billion in January, 2012.
Imports rose by 6.12 per cent to $45.5 billion in the month under review, widening the trade deficit to USD 20 billion.
However, during the April-January period of 2012-13, the country's overseas shipments shrunk by 4.86 per cent to $239.6 billion. Imports during the period rose by 0.01 per cent to $406.8 billion. Trade deficit during the 10-month period stood at $167.16 billion.
"Widening trade deficit is a cause of concern," Commerce Secretary SR Rao said, adding that crude oil imports are growing at a higher rate. Oil imports in January grew by 6.91 per cent to $15.89 billion from $14.87 billion in the corresponding period last year.
Non-oil imports, too, increased by 5.71 per cent during the month under review to $29.68 billion.