India’s exports grew by 35.63 per cent in October, displaying resilience despite a persistent rise in the rupee, but the government feared it could still fall short of the $160 billion target for 2007-08.
India’s exports during October were valued at $13.30 billion, which was 35.65 per cent higher than the $9.80 billion during the same month last year. Imports during October grew by 24.27 per cent and were valued at $20.78 billion against $16.72 billion in the same month last year.
In rupee terms, however, exports did grow as fast. October exports were valued at Rs 52,560.85 crore, 17.88 per cent higher than exports during the same month last year.
"If this (October) trend continues, we may achieve exports of $140-145 billion, against the target of $160 billion," Commerce Secretary G.K. Pillai said on the sidelines of the India Economic Summit here on Monday.
Exports during April-October rose 20.89 per cent to $85.58 billion, while imports were up 25.31 per cent at $129.99 billion. The trade deficit for April-October, 2007 was estimated at $44.40 billion, which was higher than last year’s $32.94 billion.
Oil imports during October this year were $6.12 billion, 14.59 per cent higher than the $5.34 billion in the corresponding month last year. Oil imports during April-October, 2007 were $37.52 billion, 9.25 per cent higher than the $34.34 billion in the corresponding period last year.