India: exports surpass $300b target
India’s exports surpassed the $300 billion target in 2011-12 despite a slowdown in demand in major markets like the US and Europe, commerce secretary Rahul Khullar has announced.
Exports surged by 21% to $303.7 billion in 2011-12, led by healthy growth in petroleum, pharmaceuticals, and engineering products, Mr Khullar told media while releasing the provisional data. The government had set a target of $300 billion exports for the financial year ended March 31, 2012.
India managed to exceed the export target helped by product and market diversification strategy. However, imports surged by 32.1% to $488.6 billion, leaving the highest ever trade deficit of $184.9 billion. The government had set a target of $150 billion trade deficit.
“This is the highest ever trade deficit and is a serious concern,” Mr Khullar said.
The leather industry grew by 22.5% to at $4.2 billion.
