Indian Exports touched a five-year high of 17.48 per cent in February amounting to USD 24.5 billion on account of steep increase in petroleum, engineering and chemicals sector. The Trade deficit got a width with USD 8.89 billion as imports.
The previous high in exports was seen in September 2011 at exports being at 36.6 percent and double-digit growth in exports was seen in June 2014, shipments rising by 10.2 percent.
On growth figures, exporters body Federation of Indian Export Organisations (FIEO) said that "he Exports are expected to reach around USD 270 billion this fiscal". Last year Imports were at USD 33.38 billion up from 21.76 percent, and at a trade deficit of USD 8.89 billion as against USD 6.57 billion in February.
During the April-February period of the current fiscal, exports have grown by 2.52 per cent to USD 245.4 billion. imports, however, dipped 3.67 per cent to USD 340.7 billion.
The Growth of Exports During the April-February period of the current fiscal, exports grew by 2.52 per cent to USD 254.4 billion, as imports shown a dip if 3.67 percent at USD 340.7 billion. During the 11-month period, the trade deficit was at USD 95.28 billion against the USD 114.3 billion same periods last fiscal.
Oil imports rose by 60 percent to USD 7.68 billion in Feb month. Non-oil imports too shot up by 13.65 per cent to USD 25.7 billion. Gold imports took a frog leap to USD 3.48 billion in February as against USD 1.4 billion.
Total oil imports were valued at USD 76.74 billion, lower 1.76 per cent than last year. Non-oil imports declined 4.22 per cent to USD 263.95 billion.
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