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New Delhi, April 19, 2011
India's exports grew by 37.5 per cent in 2010-11 to touch $ 245.9 billion, Commerce and Industry Minister Anand Sharma said here today.
"For the first time the figures have reached the $ 200 billion mark, which was the target set for the last financial year and exports have indeed exceeded our expectation," Mr Sharma told journalists.
He said imports for the year stood at $ 350.3 billion and the trade deficit had come down to $ 10.4.4 billion.
Mr Sharma said engineering exports, the largest component of the country's exports, had crossed $ 60 billion for a growth of 84.76 per cent during the year.
Petroleum products export were in the range of $ 42.45 billion registering a growth of 50.58 per cent. Gems & Jewellery sector, which is a considerable employer of people saw an export of $ 33.54 billion, showing a growth of 15.34 per cent, he said.
Mr Sharma said the drugs & pharmaceuticals sectors, for which India has gained a considerable global reputation, saw total exports of $ 10.32 billion, showing a growth of 15.08 per cent.
He said exports of readymade garments crossed $ 11.1 billion, showing a growth of 4.23 per cent. Cotton yarn fabrics saw an export of $ 5.66 billion, registering a growth of 42.87 per cent.
Mr Sharma said exports of carpet, jute and leather which are the labour intensive sectors assured considerable dynamism in growth. Agricultural exports and allied sectors including tea, coffee, tobacco, spices, cashew, oil meals, fruits and vegetables and marine products crossed $ 12.92 billion. Iron ore exports have gone down by 25 per cent at $ 4.5 billion, he said.