India's exports grew by 23.2 per cent year-on-year in September to reach $18.02 billion—the highest in two years but rising imports raised concerns about a yawning trade deficit.
Commerce and industry minister Anand Sharma said that the country was on course to exceed the $200 billion export target for the current fiscal.
Exports totalled $103.30 billion during the first six months of the current fiscal (April to September).
“In the first six months of this year, we have done well. We are on very much on track to cross $200 billion,” Sharma said.
Commerce Secretary Rahul Khullar said the growth could be partly attributed to the low base in the previous year and increasing prices.
“This is the first month in which, for the last two years, exports this year are higher than 2008-09 and 2009-10,” Khullar said.
Imports grew at 26.1 per cent to 27.14 billion in September, and cumulative imports during April to September totalled $166.5 billion, resulting in a trade deficit of $63.2 billion during the six-month period.