India’s Exports on Track for $200 Billion Year.

Exports for November jumped 26.5 percent; imports grew 11.2 percent

The Indian Commerce Ministry said Monday it is on track to reach its export target of $200 billion for fiscal 2010-11 ending March 31.

“India's total merchandise exports would be around $210 (billion) to $215 billion in the current fiscal year,” a ministry official said in New Delhi, announcing the latest trade data.

The country’s exports for November jumped 26.5 percent to $18.8 billion from a year earlier. Imports for the month grew 11.2 percent to $27.7 billion.

Total exports for the April-November period, the first eight months of 2010-11, increased 26.7 percent to $140.2 billion from $110.6 billion in the year-ago period.

Imports during the eight month period totaled $221.9 billion, up from $179 billion.

Oil imports in November were estimated at $7.7 billion, up from $7.5 billion, and from April through November, at $64.8 billion compared with $53.4 billion.

Export growth was largely led by engineering goods, petroleum and refinery items as well as cotton yarn.

According to the Commerce Ministry, the deficit in global trade increased to $81.6 billion from $68.4 billion during April-November.

For fiscal 2009-10, India’s overall exports were estimated at $168.7 billion, up 3.5 percent from $163 billion the previous year.

Source : shippingdigest.com