India's exports recorded a 50 per cent jump to $23.6 billion in February 2011—the fastest pace of expansion seen in 11 months.
This quantum jump, partly on account of the economic recovery in the West, helped the country cross the $200 billion target for the fiscal 2011 with a month to spare and offering some hope to the government amid concerns over the rising oil import bill.
On a cumulative basis, exports during the 11 months (April - Feb) of 2010-11 increased by 31.4 per cent to $208.2 billion, raising hopes that 2010-11 could end up with total exports reaching $235 billion.
Engineering exports were up by 81 per cent to $52.7 billion, petroleum exports by 34 per cent to $32.9 billion, pharmaceuticals by 15 per cent to $9.1 billion, gems and jewellery by 5.4 per cent to $26.9 billion and readymade garments by 2 per cent to $10 billion this year so far.
While exports are galloping, imports in recent months have shown lower growth. According to the provisional figures, imports went up by 21 per cent this February to $31.7 billion ($26 billion last year). Cumulatively they increased at a lower rate of 18 per cent to $305.3 billion, resulting in lower trade deficit of $97.1 billion. Imports for the whole year may peak to $350 billion, lowering the trade deficit for the whole year 2010-11 to $110-115 billion from $130 billion estimated earlier.
Jitendra Sanghvi . Exim India News