Exports Poised to Cross $350 Billion Target in 2014-15: Trade Body

Mumbai: India's exports can surpass the $350-billion target for fiscal year 2014-15 fiscal as growth in the manufacturing sector is expected to pick up pace, the Federation of Indian Export Organisations (FIEO) on Monday said

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

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

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

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

Mr 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 at $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 the current financial year.

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