Maintaining a robust trend despite a slowdown in the US and Europe,India's exports registered a robust annual growth of 36.3 per cent to $24.8 billion in September. Total exports for the current fiscal may reach "striking range" of $290-300 billion,Commerce Secretary Rahul Khullar said today while releasing the provisional data. Though down from the 44.2 per cent growth 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 per cent of total shipments. Imports in September grew by 17.2 per cent to $34.6 billion vis-a-vis the same period last year,leaving a trade deficit of $9.8 billion. During the April-September period,India's exports grew by 52.1 per cent to $160 billion. "Good news is that exports continue to grow over last year,but the heady numbers have gone,it is clear there is deceleration," he said. During the first half of this fiscal,the sectors which registered healthy growth include engineering (103 per cent),petroleum and oil lubricants (PoL) (53 per cent),gems and jewellery (23 per cent),ready-made garments (32 per cent),marine products (48 per cent) and drugs (33 per cent). Khullar said that India's exports are growing in new markets like Africa,Latin America and Asia,which has helped India maintain the export growth momentum. During the period,imports expanded by 32.4 per cent to $233.5 billion. The trade gap stood at $73.5 billion. Apex exporters body Fieo said the trade deficit number is huge and may touch $150 billion by the end of 2011-12,"which is a matter of concern".
