Exports poised to cross $350 bn target this fiscal: FIEO

MUMBAI: Federation of Indian Export Organisations ( Fieo) today said the country's exports can surpass the USD 350-billion target this fiscal as growth in the manufacturing sector is expected to pick up pace.

"Global trade scenario is improving with positive development in the US, EU and emerging economies and in coming months exports should reflect these developments," Fieo president Rafeeque Ahmed said.

"We can cross USD 350 billion exports target this fiscal as manufacturing is expected to pick up," he added.

In July, exports growth slipped to 7.33 percent at $27.72 billion on annual basis, which was slower than previous months, while imports rose 4.25 percent to $39.95 billion.

Trade deficit marginally narrowed to $12.22 billion from $12.49 billion a year ago.

Ahmed said the 7.36 per cent growth in exports in July was lower than the expected double digit growth.

"While engineering, chemicals and pharma, apparel, leather, marine continued to post better results in July as was in the earlier months, but gems and jewellery, electronics, cotton textiles continue to be cause of concern as their negative growth is pulling down overall exports growth," he said.

In July, oil imports increased 12.75 per cent to $14.35 billion, while non-oil imports were up by 0.03 per cent to $25.6 billion.

Gold imports were down 26.39 per cent to $1.81 billion from $2.46 billion in the same month last year.

Exports in May and June registered a growth of 12.4 per cent and 10.22 per cent, respectively.

In the April-July period, exports grew 8.62 per cent to $107.8 billion. Imports dipped 3.8 per cent to $153.15 billion during the first four months of this financial year.

Trade deficit during the April-July stood at $45.31 billion.