Feb exports up by 49.8 pc, surpass target

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SME Times News Bureau | 10 Mar, 2011
Growing demand in North American, Asian and African markets spur growth of the country's merchandise exports by 49.8 percent year-on-year to USD 23.6 billion in February.

"We have crossed the USD 200 billion mark. The current forecast for the year is USD 230-235 billion," Commerce Secretary Rahul Khullar told reporters in New Delhi.

During April-February, 2011, the exports grew by 31.4 percent to USD 208.2 billion, surpassing the export target of USD 200 billion for the entire 2010-11 fiscal.

Imports also went up in February, rising by 21.2 percent to USD 31.7 billion, leaving a trade gap of USD 8.1 billion, Khullar said.

During April-February, 2011, imports grew by 18 percent to USD 305.3 billion.

During the 11-month period, the trade deficit amounted at USD 97.1 billion.

"We will end up (the fiscal) closer to USD 350 billion imports," Khullar added.

The export sectors that performed well during the April, 2010-February, 2011, period include gems and jewellery, engineering, ready-made garments, cotton yarn, electronics, plastics, carpets and pharmaceuticals.

The sectors which saw the maximum imports were petroleum and oil lubricants, gems and silver, vegetable oil, machinery and chemicals.