Exports grew by 36.3% on an annual basis to $24.8 billion in September, 2011, demonstrating impressive year-on-year expansion despite a slowdown in the US and Europe. In September, 2010, the country's outbound shipments were valued at $18.2 billion.
India's imports also registered growth in September, rising by 17.2% in comparison to the corresponding period of the previous year to $34.5 billion, leaving a trade deficit of $9.7 billion, the Commerce Ministry said on Tuesday.
Though down from the 44.2% growth rate recorded in August, the rise in exports in September can be considered robust, given the economic woes in the US and the debt crisis in Europe. The US and Europe are the two biggest markets for Indian merchandise, accounting for about 30% of total shipments.
Commerce Secretary Rahul Khullar has said that total exports in the current fiscal may reach $290-300 billion.
During the April-September period, India's exports grew by 52% to $160 billion from $105.2 billion in the same period last year.
During the first half of this fiscal, the sectors that registered healthy growth include engineering (103%), petroleum and oil lubricants (PoL) (53%), gems and jewellery (23%), ready-made garments (32%), marine products (48%) and drugs (33%).