India’s merchandise shipments jumped by over 50% in March to $19.9 billion on the back of a low base. However, the value of exports for the entire 2009-10 fiscal declined 4.7% to $176.5 billion as demand from traditional markets in the West had dried up during the global economic slowdown. Exports between April 2009 and March 2010 were valued at $176.5 billion, while imports stood at $278.7 billion during this period, marking an 8.2% decline from the previous fiscal’s $303.7 billion. As a result, the trade deficit too shrunk to $102 billion from $118 billion in the year-ago period. Exports for March, however, grew over 50% to $19.9 billion compared to the same month last fiscal. Exports have grown steadily for the last five months. The government has set an export target of $200 billion for the 2010-11 fiscal, Anand Sharma said, adding that India wants to double exports by 2014 from the current levels. Sharma also said the rupee’s steady gain against the dollar has not adversely affected Indian exports. The rupee has appreciated by 4.4% so far in 2010. Exports in 2008-09 stood at $185.3 billion. The looming Eurozone economic crisis and the continued poor performance of several sectors could have an adverse impact in the coming months. Sectors like engineering, readymade garments, leather, carpets, oilmeals, petroleum products and gems and jewellery, which together account for 70% of India’s exports, either showed no growth.
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