Exports jump 49%, but volumes not yet robust
Exports in February jumped by 49.7 per cent, reaching $23.6 billion compared to $15.75 billion in the same month last financial year.
Imports grew 21.2 per cent to $31.7 billion over $26.2 billion last year. However, analysts believe this boom in exports is because of a rise in prices, while volumes have remained the same.
During April to February, exports topped $208.2 billion, up 31.4 per cent in the corresponding financial year of 2009-10. Cumulative imports in the same period reached $305.3 billion compared to $258.7 billion a year ago, data released by the ministry of commerce and industry stated.
| SECTORAL BREAK-UP | |||||
| Year | Merchandise exports | Growth rate | Merchandise imports | Growth rate | Balance of trade |
| 2003-04 | 63.8 | 21.1 | 78.1 | 27.2 | -14.3 |
| 2004-05 | 83.5 | 30.9 | 111.5 | 42.8 | -28.0 |
| 2005-06 | 103.1 | 23.5 | 149.2 | 33.8 | -46.1 |
| 2006-07 | 126.4 | 22.6 | 185.7 | 24.5 | -59.3 |
| 2007-08 | 163.1 | 29.0 | 251.6 | 35.5 | -88.5 |
| 2008-09 | 185.3 | 13.6 | 303.6 | 20.7 | -118.3 |
| 2009-10 | 178.6 | -3.6 | 286.8 | -5.5 | -108.2 |
| *Values in billion dollars Source: Ministry of Commerce & Industry/DGCIS | |||||
According to commerce secretary Rahul Khullar, merchandise exports are expected to end up within the range of $230-235 billion and imports are expected to top $350 billion in 2010-2011.
During the period, there has been visible growth in the export of gems and jewellery, engineering products, petroleum, ready-made garments, pharmaceuticals, plastics and carpets.
The ministry believes the growth was because of diversification of exports and tapping new markets.