Exports registered an impressive 56.9 per cent growth at $25.94 billion in May as compared to $16.53 billion in May 2010, while exports grew by 45.3 per cent at $49.70 billion in the first two months of the current fiscal against $34.27 billion in the same months in the previous year.
However, imports too registered a 54 per cent growth at $40.91 billion in May against $26.55 billion in May 2010, the highest growth rate in the last four years, thus putting the trade deficit at $14.97 billion ($10.02 billion in May 2010). In the first two months of 2011-12, imports were up 33.3 per cent at $73.74 billion ($55.32 billion) while the trade deficit stood at $23.9 billion ($21.05 billion).
In the first two months of the current fiscal, sectors which registered healthy export growth include engineering 115 per cent, electronics 80 per cent, drugs 68 per cent, petroleum 64 per cent, gems and jewellery 23 per cent, ready made garments 31 per cent, chemicals 44 per cent and leather 21 per cent.
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However, few segments like tobacco, iron ore and fruits and vegetables recorded a negative growth.
Similarly, during April-May 2011, imports of electronic goods increased by 61 per cent, chemicals by 9.6 per cent, coal by 19 per cent, transport equipment by 32.7 per cent, ores and scraps by 22 per cent and vegetable oil by 35 per cent. In a statement, Federation of Indian Export Organisations President Ramu S. Deora said: “This is a sign of robust scenario...coupled with effective government initiative.” Though the government has not set an export target for the current fiscal, but industry experts say $300 billion exports could be achieved.