India raises export target to $220 billion

February 12th, 2011 - 3:44 pm ICT by IANS  

New Delhi, Feb 12 (IANS) Buoyed by nearly 30 percent increase in the first 10 months, India has hiked its export target to $220 billion for fiscal 2010-11 from the earlier estimate of $200 billion, Commerce Secretary Rahul Khullar said Saturday. The country’s exports went up 32.5 percent to $20.6 billion in January, led by a 70 percent surge in engineering and a 36 percent jump in petroleum and oil products.

Exports increased 36.4 percent to $22.5 billion in December.

In April-January, the total exports reached $184.6 billion - just $15.4 billion short of the financial year target of $200 billion.

Exports increased 29.4 percent in the first 10 months of 2010-11 against a whole year target of 15 percent.

“On the whole, export performance is pretty good. My guess is by next month we will cross $200 billion and we should end this financial year at $220-$225 billion,” Khullar told reporters here.

India’s total imports grew 17.6 percent to $273.6 billion in April-January period, resulting in a trade deficit of $89 billion. In January, India imported goods worth $28.6 billion.

Khullar said exports of engineering products increased sharply during the first 10 months of this fiscal, mainly because of the huge demand for Indian products in South American countries, especially Columbia.

Exports of engineering products surged 70 percent to $45 billion in April-January period.

Other sectors that have helped in better than expected performance in export data are — gems and jewellery (9.3 percent increase at $24.5 billion), petroleum and oil products (36 percent up at $30 billion), cotton yarn and made-ups (52 percent up at $4.7 billion), electronics (38 percent up at $6.4 billion) and plastics and linoleum (40 percent up at $3.7 billion).

The commerce secretary said exports of some products like iron ore, rice and vegetables fell because of ban imposed by the government.

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