Special Correspondent

NEW DELHI: India succeeded in surpassing its export target of $160 billion in the last fiscal (2007-08), as per the latest date released by the Directorate General of Commercial Intelligence and Statistics.

The cumulative value of exports for 2007-08 stood at $162.9 billion, registering a growth of 29.02 per cent over the same period last year, while in rupee terms, it reached a level of Rs. 6.55-lakh crore as against Rs. 5.71-lakh crore, a growth of 14.71 per cent.

Major drivers

The major drivers of exports during the period were engineering goods (27.34 per cent), petroleum products (51.97 per cent), gems and jewellery (23.27 per cent), agriculture and allied products (55.51 per cent) and ores and minerals (30.34 per cent).

Exports of textiles, handicrafts and sports goods, which were badly hit during 2006-07 due to appreciation of the rupee vis-a-vis the U.S. dollar since September 2006, showed improvement in their performance during the year, the data said.