NEW DELHI (NNN-Bernama) -- Despite a challenging economic environment in its major markets of the US and Europe, India crossed the export target of US$300 billion for fiscal 2011-12 ended March 31, 2012.
"I am happy to announce that India's exports have crossed US$300 billion in the last financial year," India's Commerce and Industry Minister Anand Sharma told reporters here.
The sectors that performed very well include engineering, gems and jewellery, textiles, chemicals and pharmaceuticals, Sharma said.
Total imports last fiscal also grew to USD 485 billion, primarily because of high petroleum prices, he said.
Imports of petroleum as well as gold and silver rose to US$150 billion and US$60 billion, respectively during 2011-12.
However, these figures are provisional, Commerce Secretary Rahul Khullar said, adding that the final data will be released later this month.
"We were on course, despite very difficult global scenario, the contraction of demand in some of traditional destinations .... Diversification into new markets has positively worked towards meeting our target," the minister added.
Trade deficit, which grew to US$185 billion, is a big challenge for the current fiscal as well, Sharma said.
With exports during fiscal 2010-11 at US$251.14 billion, provisional export figure for 2011-12 at US$300 billion makes for a growth of 19.46 per cent.
Imports during the year rose by 31.16 per cent from the 2011-12 level of US$369.77 billion. --NNN-BERNAMA
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