Fiscal year ended March 31 saw $246 billion in total exports
India’s exports reached an all-time high in fiscal 2010-11 ending March 31, surging about 37.5 percent year-over-year, the Commerce Ministry said Tuesday.
Total exports for the full fiscal year were estimated at $245.9 billion, up from $176.6 billion in 2009-10.
“For the first time, the figures have reached the $200-billion mark, which was a target set for last fiscal year, and exports have indeed exceeded our expectations,” Commerce Minister Anand Sharma said, releasing the latest provisional trade data.
Exports for March jumped 43.9 percent to $29.1 billion compared with the same month the previous fiscal year, which ended March 31, 2010.
Imports during the year rose 21.5 percent to $350.3 billion on a year-on-year basis, creating a trade gap of $104.4 billion.
Imports for March totaled $34.7 billion, up 17.3 percent from a year earlier.
According to the ministry, export growth was largely led by engineering goods, petroleum products, cotton yarn, readymade garments and pharmaceuticals.
“Based on the current trade performance, we are confident that we will achieve the export target of $450 billion set for fiscal 2013-14 and the ministry’s comprehensive strategy for doubling exports will be released very soon,” Sharma said.
JOC Staff | Apr 19, 2011 5:21PM GMT
The Journal of Commerce Online - News Story