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The country’s exports grew by 50 per cent in February, crossing the $200-billion mark during the first eleven months of 2010-11 on the back of rising demand from the US and other markets.
Exports went up by 49.7 per cent year-on-year during February to $23.5 billion, taking the April-February 2010-11 figure to $208.2 billion, an increase of 31.4 per cent over the year-ago period and past the yearly target of $200 billion.
Imports also increased by 21.2 per cent during the month under review to $31.7 billion, leaving a trade deficit of $8.1 billion, according to the Commerce Ministry data released today.
During April-February 2010-11, imports grew by 18 per cent to $305.3 billion over the same period last fiscal. Trade gap for the period stood at $97 billion.
Exporting sectors which performed well during the period include engineering (81 per cent), petroleum and oil lubricants (34 per cent), cotton yarn and made-ups (43 per cent), chemicals (22 per cent) and electronics (40 per cent).
“The growth which we are seeing is basically from the markets of Asia, Latin America and Africa. In these new markets demand for our products are increasing,” Mr Ramu Deora, President of Federation of Indian Export Organisations, said.
However, he said that the demand is still weak in several European markets.
The US and Europe were the traditional markets for Indian exporters, but after the global economic crisis, exporters increased their engagement in the new markets of Asia, Latin America and Africa.
The Government is providing duty incentives to exporters for these new markets.
The Commerce Secretary, Mr Rahul Khullar, had said that going by this trend, the country’s exports are expected to touch $230-235 billion. Imports may end up at $350 billion and the balance of trade at $105-115 billion by the end of 2010-11.
Oil imports in February this year dipped by 0.3 per cent to $8.21 billion from $8.24 billion in February 2010. However, non-oil imports grew by 31 per cent to $23.48 billion from $17.9 billion.
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