New Delhi: India’s exports grew at the fastest pace in four months as companies sold more gems, jewellery, oil and other manufactured products in the overseas markets.
February shipments, which account for about 15% of the country’s $906 billion (Rs36.2 trillion) economy, rose 35.3% from a year earlier to $14.2 billion, the commerce ministry said on Tuesday. That was faster than January’s 20.5% gain.
Overseas sales have risen as firms boost shipments to Europe, Japan and Australia to counter slowing demand from the US, India’s biggest exports market. Shipments are likely to slow this year as the US moves closer to recession, according to finance minister P. Chidambaram.
“Indian companies are exporting more to other countries than the US and that is helping sustain export growth,” said D.H. Pai Panandiker, president of the RPG Foundation, an economic policy group in New Delhi.
Exports in the 11 months ended 29 February rose 23% to $138.4 billion, slower than 23.1% gain in the same period a year earlier.
India’s overseas sales of goods may reach $152 billion to $155 billion in the 12 months ended 31 March, minister of state in the commerce ministry Jairam Ramesh said on 19 March.