Export growth accelerated in fiscal second half

Cumulative exports from the country grew 29.5 per cent to $164.7 billion in the first nine months of the current fiscal (April-Dec 2010-11), the economic survey showed.

India's exports, which rose 13.6 per cent in 2008-09, continued to rise at an accelerated pace and current indications are that India will not only achieve the target of $200 billion but surpass it in 2010-11, the survey showed.

Imports into the country during April-December 2010-11 grew at 19 per cent, with an increase in imports of petroleum, oil, and lubricant (POL) and non-POL products, at 17.7 per cent and 19.6 per cent, respectively.

Import growth during the first half of the fiscal was higher compared to export growth, which pushed trade deficit (based on customs figures) in April-December 2010-11 up 2.4 per cent to $82 billion, against the $80.1 registered in the previous year period.

The slowing of import growth from October 2010 and the pick-up in exports from November 2010 seems to have eased worries over the high current account deficit reaching unmanageable levels.