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Exports up 21.3% in Oct

Country's exports rose 21.3 per cent to $18 billion in October,outpacing import growth for the first time in past three-four years, which prompted the commerce ministry to exude confidence that outbound shipments will cross the $200-billion target this year.Imports grew by 6.8 per cent to $27.7 billion during the month under review.

Exports in October last year were valued at $14.8 billion,while imports stood at $25.9 billion during the month.

"Exports growth is for first time (in last three-four years) higher than imports growth," commerce secretary Mr Rahul Khullar said.

Though imports grew at a lesser pace than exports, the trade deficit remained at $9.7 billion in October.

The country is likely to end the year with import-export gap of about $125 billion, Mr Khullar said.

For the first seven months (April-October),too, exports rose at a faster pace of 26.8 per cent to $121.4 billion compared with a 26 per cent growth in imports to $194.2 billion.

With April-October cumulative exports already at $121.4 billion, Mr Khullar said India was now "confident" of crossing the $200 billion exports target for the current fiscal.

"Now we are looking at by how far we will cross the target," Mr Khullar said, adding sectors like engineering goods and petroleum products were likely to help boost exports.

Industry sources said outbound shipments were growing because exporters had started exploring new markets like Argentina and Brazil. The government offers incentives to exports to several countries of Africa and Latin America. India's traditional export markets are the USA and the EU.

Source : The Hindu Business Line