50 % rise in shipments in February
Continuing on the path of robust growth, exports posted a 50 per cent growth in February breaching the $200-billion target set for 2010-11. Shipments are likely to end with about $225 billion on the back of a strong demand from the U.S. and other diversified markets.
According to the official data released here on Friday, exports went up by 49.7 per cent year-on-year to $23.6 billion in February, taking the April-February 2010-11 shipments 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 to $31.7 billion during the month under review, leaving a trade deficit of $8.1 billion. In the eleven months in this fiscal, imports grew by 18 per cent to $305.3 billion over the same period last year.
The trade gap for the period stood at $97 billion. “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,'' Federation of Indian Export Organisations President Ramu S. Deora said in a statement.
Commerce Ministry officials said that going by the present trend, exports were expected to touch $230-235 billion.
Imports may end up with $350 billion and the balance of trade at $105-115 billion by the end of 2010-11. Oil imports dipped by 0.3 per cent to $8.22 billion in February from $8.24 billion in February 2010. However, non-oil imports grew by 31 per cent to $23.48 billion from $17.9 billion.
During April-February, 2010-11, oil imports grew by 12.4 per cent to $88.17 billion from $78.41 billion. Non-oil imports also went up by 20.4 per cent to $217.12 billion from $180.33 billion in the corresponding period last year.