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India's merchandise exports touch $101 billion

Written by: Staff
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New Delhi, Apr 7: Riding on the back of over 25 per cent growth during each of the last two years, India's merchandise exports have touched the 1 billion mark in 2005-06.

''Our imports have grown 32 per cent, and stand at 140 billion dollars,'' Commerce and Industry Minister Kamal Nath today said while releasing the annuall supplement on the Foreign Trade Policy for 04-09.

The Minister, however, said the country's oil bill stands at 43 billion.

''Thus, our non-oil imports are 97 billion dollars, a full 4 billion lower than our exports. On the non-oil front, therefore, we have a positive balance of trade,'' he said.

Mr Kamal Nath further said that exports from many sectors have surpassed our expectations. ''Project goods exports grew at the rate of 173 per cent. Exports of non-ferrous metals, guar gum meal, computer software in physical form, rice, pulses, dairy products, all recorded a growth surpassing 50 per cent,'' he said.

Commodities like man-made staple fibres, cosmetics and toiletries, iron-ore, coffee, processed food and transport equipment grew at the rate above the average - more than 25 per cent during this period.

''India is steadily increasing its share in important markets.

Growth in exports to UK has been 30 per cent, to Singapore (with which we implemented the CECA) 54 per cent. India's exports to South Africa grew at 44 per cent while for China the growth rate is 35 per cent. We shall be releasing detailed statistics on all this in the form of a Ready Reckoner next month, after exact figures come in,'' Mr Kamal Nath added.

UNI

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