India’s exports have registered a growth of 26.8% during November 2010, at $ 18.9 billion rekindling hopes that $200 billion target fixed for the current fiscal is likely to be crossed and total shipments during year may even touch $215 billion.
Imports during the month were valued at $ 27.8 billion, up by 11.2%.
Sustaining high growth rates would also depend on the pace of recovery in major European economies. A sizable percentage of Indian exports are destined towards Europe.
“These are big economies and slowdown in them will affect global economy,” commerce secretary Rahul Khullar said.
During the period April-November exports have reached a level of $ 140.3 billion clocking a growth of 26.7% while the imports were valued at $ 222 billion with a growth of 24%.
The trade deficit stood at $ 81 billion and on current trends the year-end trade deficit could stand at $120 billion.
“I am not sanguine. One blip on crude prices and my import bill suddenly zooms. On pro-rata basis we are looking at $120 billion with a caveat that if oil prices go up, it could be $130-135 billion,” Khullar said.
Engineering, gems and jewellery, petroleum products, leather products, carpet, plastics and cotton yarn are among the items where overseas shipment orders have picked up.