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India February Exports Jump 49.8%

Discussion in 'World Economy' started by Hashu, Mar 11, 2011.

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  1. Hashu

    Hashu Lieutenant SENIOR MEMBER

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    NEW DELHI – India's merchandise exports surged 49.8% from a year earlier in February to $23.6 billion, setting the stage to comfortably breach the government's recently raised target for the full fiscal year.

    Overseas shipments in April-February increased 31.4% to $208.2 billion, Commerce Secretary Rahul Khullar told reporters Thursday. Exports in the year through March would reach between $230 billion and $235 billion, he said.

    The government had initially fixed the full-year export target at $200 billion, but later revised that to $220 billion-$225 billion as overseas demand for Indian products, especially engineering and electronics goods as well as plastics, improved. Demand for some other products, such as gems and jewelry and textiles, also remained steady despite the global downturn. India is aiming to reach annual exports of $500 billion in three years.

    "The positive surprise in exports may see the trade deficit for the fiscal year actually coming much lower than earlier estimated," said Jay Shankar, chief economist at Religare Capital Markets.

    Higher exports may also help alleviate some concerns over the current account deficit, which is now likely to remain below 3% of gross domestic product, he added.

    Commerce Secretary Khullar said the current account deficit is likely to be between 2.5% and 2.8% of GDP this fiscal year.

    He also said that India's imports of capital and intermediate goods have increased substantially in recent months, boosting the country's industrial and export recovery.

    Imports in February were up 21.2% at $31.7 billion, while April-February purchases climbed 18% to $305.3 billion, Mr. Khullar said.

    He said the import data will be revised higher next month due to some "compilation issues." He didn't elaborate.

    Mr. Khullar expects full-year imports to total $350 billion.

    "We are now looking at a trade deficit in the range of $105 billion to $115 billion [this fiscal year]," he added.
    http://online.wsj.com/article/SB10001424052748704823004576191782959596842.html
     
    Last edited: Mar 11, 2011
  2. Barney Stinson

    Barney Stinson 2nd Lieutant FULL MEMBER

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    The Ministry of Commerce had set an Export target of $200bn for this fiscal and we have already surpassed it with a month to go!!!Good news indeed
     
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