Exports up 22.9% in FY'08: RBI

Exports stood at $155.4 billion in 2007-08, against $126.4 billion in the previous fiscal, mainly driven by a huge jump in engineering goods, gems and jewellery and petroleum products, the RBI said in its June bulletin.

The RBI said the growth in exports, during FY'08, was close to the average export growth of 23.5 per cent recorded during the previous five years, indicating a strong upward momentum, the apex bank said.

Of the total exports, agriculture and allied products, engineering goods, gems and jewellery and petroleum products alone contributed 68 per cent of the export growth during April-January FY'08, the RBI said.

However, the growth in exports of petroleum products sharply decelerated to 36.7 per cent as compared to 66.7 per cent in the year-ago period.

Meanwhile, manufactured goods exhibited moderation in export growth in April-January period owing to deceleration in the exports of chemicals, engineering goods and textiles.

Country's imports, during the period, registered a higher growth at 26.9 per cent as against 24.5 per cent a year ago, on the back of higher growth in both oil and non-oil imports, the RBI said in the bulletin.

Total imports in FY'08 stood at $235.7 billion, up 26.9 per cent from the last year's mark of $185.7 billion, the RBI said.

Non-oil imports, during the period, recorded a 23.5 per cent growth in FY'08, contributing about 60 per cent to the overall import growth led by capital goods, gold and silver, the apex bank said.

The trade deficit, during FY'08, surged to $80.4 billion, up by $21 billion as compared to last year's deficit of $59.4 billion, RBI data said.