Exports rise to $101 bn in '05-06

India's merchandise exports of $101 billion in 2005-06 have come on the back of a huge increase in imports which caused trade deficit to touch $40 billion during the fiscal, compared with $26 billion a year ago.

The government had fixed an export target of $92 billion for the fiscal, an increase of 16 per cent over the previous year.

According to provisional trade data released by the commerce and industry ministry today, exports grew by nearly 25 per cent over the previous year's $80.67 billion. Imports stood at $140 billion, 31.52 per cent higher than the previous year's imports of $106.63 billion.

The huge increase in trade deficit was primarily on account of a spurt in oil prices. Oil imports in value terms during the 12-month period increased by nearly 47 per cent to $43.84 billion compared with $29.85 billion in the corresponding period of the previous year.

Non oil imports during 2005-06 increased by over 25 per cent to $96.39 billion against $ 76.77 billion in 2004-05.