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'$200 bn export target for FY'10 difficult to achieve'

business Updated: Mar 02, 2009 21:05 IST
'200 bn dlr export target for FY'10 difficult to achieve'

Faced with continued decline in exports and prospects of overall contraction in global trade, it would be difficult for India to achieve an export target of $200 billion during 2009-10, said a senior government official.

"The trend (decline in exports) will continue. When the trade all over the world would be contracting it would be an achievement to maintain this year's export numbers," the official said.

India's exports shrank by 15.9 per cent in January to $12.38 billion from $14.71 billion in the same period last year stretching contraction for the fourth month in a row.

India's imports in January fell for the first time this fiscal. Imports declined to $18.45 billion from $22.56 billion.

In the interim Foreign Trade Policy announced by the government on February 26 has set the export target of $200-billion for 2009-10 fiscal.

Exports slumped for the first time in October registering a fall of 12.1 per cent. The overseas sales fell in November and December by 9.9 per cent and 1.1 per cent respectively.

IMF forecast suggests that the global growth in volume of trade in goods and services would slide from 7.2 per cent to 4.6 per cent in 2008 and dip to 2.1 per cent next year.