Indian Exports Increased by a Staggering 27%

By admin • December 9th, 2010

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Indian exports increased by a staggering 27% between April-November 2010 to US$ 140 billion. The results have been so positive that analysts are forecasting a sum of US$ 215 billion for 2010-2011. The year-on-year for November 2010 reached US$ 18.9 billion. The Indian Government had set a target of US$ 200 billion of exports for 2010-2011.

Commerce Secretary Mr Rahul Khullar said “Exports are doing pretty well… At this rate, four months from now, you are looking at anywhere between $210 billion and 215 billion”. Khullar added that November exports are likely to be revised up, therefore exports could be over US$ 19billion. Khullar also stated that India should try to increase high-technology exports in order to achieve jump in India’s exports, as this sector contributes to over 60% of world trade. By January 2011 it is expected that the Commerce Ministry will release a strategy to double exports to over $400 billion by 2014.

The export that performed well during April-November include engineering, gems and jewelery, petroleum and its products, leather, carpet, plastics and linoleum, cotton yarn and chemicals. Engineering exports performed very well due to an increase in shipments of automobiles to a sum of US$ 31 billion. Khullar stated the sector’s exports could reach US$ 48 billion by the end of the fiscal year

On a cumulative basis for this fiscal year, export growth is for the first time greater than import growth. In comparison, imports had only risen by 11.2% in November to US$ 27 billion.

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