core sector communique

Export for 2010-11 Registers Growth of 37.5% : Anand Sharma 

Engineering Export crosses US $ 60 Billion Registering Growth of 84.76% 

Briefing about the trade performance for the financial year 2010-11, here today, Shri Anand Sharma, Union Minister for Commerce & Industry said that “We have received the export figures for this fiscal and it is indeed heartening to see that our exports for the year ending March 2011 touched US$ 245.9 billion registering a growth of 37.5%”. For the first time the figures have reached the US$ 200 billion mark which was a target set for last financial year and exports have indeed exceeded our expectation, he said. Imports for the same period stood at US$ 350.3 billion and good news is that the trade deficit figure has come down to US$ 10.4.4 billion, he added.

Shri Sharma during interaction made a special mention of the exports sectors which has done particularly well.

(a) Engineering goods by far constituted the largest component of our exports entailing considerable domestic value addition and engineering exports crossed US$ 60 billion registering a growth of 84.76%.

(b) Petroleum Products export were in the range of US$ 42.45 billion registering a growth of 50.58%

(c) Gems & Jewellery sector which is a considerable employer of people saw an export of US$ 33.54 billion showing a growth of 15.34%

(d) Drugs & pharmaceuticals sectors for which India has gained a considerable global reputation saw a total exports of US$ 10.32 billion showing a growth of 15.08%.

(e) Readymade garments exports crossed US$ 11.1 billion showing a growth of 4.23%. Cotton yarn 34 fabrics saw an export of US$ 5.66 billion registering a growth of 42.87%.

(f) Exports of carpet, jute and leather which are the labour intensive sectors assured considerable dynamism in growth.

(g) Agricultural exports and allied sectors including tea, coffee, tobacco, spices, cashew, oil meals, fruits and vegetables and marine products crossed US$ 12.92 billion.

(h) Iron Ore exports have actually gone down by 25% at US$ 4.5 billion.

The Commerce Minister expressed the hope that “based on the performance of exports, we are confident that we will achieve the target of exports of US$ 450 billion which we have set for ourselves in the draft strategy paper which was released by the Department of Commerce.”

He further informed that a final strategy paper for doubling India’s exports to reach US$ 450 billion will be uploaded on the department site very soon.

The Secretary Commerce, Shri Rahul Khullar, also expressed satisfaction over the export performance. He informed that the figures are provisional and likely to be revised.