Thaindian News

New Delhi, May 10 (IANS) India’s merchandise exports grew by 54.1 percent in March to $19.9 billion, but the value of the outward shipments dipped 4.7 percent to $176.5 billion for 2009-10 mainly due to the global meltdown, according to official data released Monday.
The exports in March 2009 stood at $12.9 billion and in 2008-09 at $185.3 billion, data showed.

“The fall of 4.7 percent has been mainly due to the global meltdown, but still we have been able to perform well. The whole world has been affected by the global meltdown. There has been a big slump in traditional markets where we export. Market diversification has actually helped us recover the losses to a great extent,” Commerce Minister Anand Sharma said here.

The exports were in the red for 13 successive months, starting October 2008. They started turning positive in November 2009.

The imports stood at $27.7 billion in March, a growth of 67.1 percent over $16.6 billion in year-ago period.

The oil imports during March grew by 85.2 percent to $7.7 billion from $4.2 billion in the same month last year and non-oil imports increased by 61 percent to $20 billion from $12.4 billion, the data showed.

The imports for 2009-10 stood at $278.7 billion, a fall of 8.2 percent from the previous fiscal’s $303.7 billion.

In 2009-10, oil imports declined by 8.7 percent to $85.5 billion from $93.7 billion in previous year and non-oil imports dipped by eight percent to $193.2 billion as against $210 billion in 2008-2009.

The trade deficit declined to $102.1 billion in 2009-10 from $118.4 billion in previous fiscal.

Sharma Monday said the country is maintaining a very “strong positive growth” in exports and hopes to sustain it.

“April figures will certainly be good,” he said when asked about the export data for the month.

On the exports front, the sectors which were in red during 2009-10 include engineering, electronics, handicrafts, carpets and cotton yarn.

“Some sectors continue to hurt badly like engineering, electronic goods, handicrafts and carpets. The Directorate General of Foreign Trade along with commerce ministry officials is conducting the sectoral reviews to find out whether more steps are needed to be taken for the sectors that are getting hurt,” Sharma said.

Asked whether the government will extend sops for the exporters, he said: “The process of consultation is a regular exercise done by both commerce and finance ministry officials. We are looking into it.”

Marine products, iron ore, tea, tobacco, fruits and vegetables and man-made fibres were the sectors which reported growth in exports during 2009-10.

The government has set a target of $200 billion-worth merchandise exports for 2010-11, the minister said, adding that India wants to double its exports by 2014.