New Delhi: Even the truncated exports target of $175 billion for the fiscal would be hard to meet as the country’s overseas sales dipped by 13% in February - the fifth decline in a row.
According to quick estimates of the government, imports also fell for second consecutive month by about 18% during the period.
Exports in February contracted to $13.04 billion, while imports shrank by 18.1% to $17.02 billion, reducing the trade deficit to $4 billion compared to $5.69 billion in the same period last year.
The cumulative exports during April-February 2008-09 stood at $157.3 billion compared to $142.85 billion in the corresponding period last year. While imports in the same period grew by 21% to $260.35 billion from $215.22 billion in the year ago period.
Even to touch the $175 billion exports target, the country requires about $18 billion in the next three weeks, which appears a toll order.
“By seeing the continuous dip in the exports, we expect that India’s exports will end up on $168-170 billion during the financial year,” Federation of Indian Export Organizations (FIEO) president A Sakthivel said.