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India's Feb exports rise to $4.01 billion
April 01, 2003 13:51 IST
India's merchandise exports rose a robust 13.51 per cent in February over the same month in 2002 because of larger orders from the United States and the European Union, which account for half the country's exports.
Data released by the commerce and industry ministry on Tuesday showed exports increased to $4.01 billion from $3.53 billion in February last year.
India said on Monday the country's exports need to grow by 12 per cent a year up to 2007 to grab a one per cent share of global trade. India now has 0.67 per cent of world trade.
But analysts and the government say a long war in Iraq could hurt the country's exports to its main markets and also to the key Gulf region which accounts for 11 per cent of India's exports.
Government data showed exports between April and February, the first 11 months of 2002-03, grew 16.76 per cent to $46.07 billion from $39.45 billion in the same period a year earlier.
Imports rose 18.48 per cent to $4.45 billion in February from $3.75 billion in the year-ago period. In the April-February period, imports surged 16.31 per cent to $53.86 billion from $46.31 billion in the year-ago period.
Oil imports between April and February jumped 26.32 per cent to $16.06 billion while non-oil imports were up 12.52 per cent at $37.80 billion.
The April-February trade deficit widened to $7.79 billion from $6.85 billion a year earlier.
Commerce and Industry Minister Arun Jaitley said on Monday Indian exports would cross the $50-billion mark in 2002-03 while announcing India's export-import policy for 2003-04.
Indian exports were flat in the year to March 2002 as demand fell after the September 11 attack.
The government has also said that export orders worth Rs 10 billion are held up because of the Iraq war.
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