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Government has set export target of $350 billion for 2012-13: Jyotiraditya Scindia

The government today said it has set an export target of $350 billion for the 2012-13 financial year and is hopeful of achieving it despite the current weak global economic scenario.

Minister of State for Commerce and Industry Jyotiraditya Scindia said a better assessment of the shipments would be made after the first half of the current fiscal.

"We have set ourselves $350 billion target. We have closed at $303 billion in the last fiscal," Scindia told reporters on the sidelines of an Export Promotion Council for EOUs and SEZs ( EPCEs) held awards function here.

Scindia said although the global economy is struggling to come out from the economic uncertainties, "I can say that even in a difficult environment our exporters are doing a tremendous job".

India's exports surpassed the target of $300 billion for 2011-12 and touched $303.7 billion, despite problems in Europe and the US.

Imports during the year shot up by 32.1 per cent to $488.6 billion, leaving highest-ever trade deficit of $184.9 billion. The US and Europe together account for over 65 per cent of the country's total exports

Exporting sectors that registered a healthy growth in 2011-12 include engineering, petroleum and its products besides gems and jewellery.

From a peak of 82 per cent in July last year, export growth slipped to 44.25 per cent in August, 36.36 per cent in September, 10.8 per cent in October and 3.8 per cent in November, 2011.

In April this fiscal, the growth came down further to 3.2 per cent to $24.5 billion.