FY05 exports cross $75bn target, touch $79.59bn

Exports surpassed the annual target of $75 billion to touch $79.59 billion in 2004-05 - a growth of 24.41% over the previous fiscal.

Exports during March 2004-05 were valued at $8.513 billion, a growth of 8.28% over $7.862 billion in March 2003-04 while imports at $10.083 billion recorded an increase of 25.52%.

Imports in FY05 rose 35.62% to $106 billion as against $78.25 billion in FY04, mainly on account of oil imports that increased 41.19%.

Non-oil imports increased 34% to $77.036 billion as against $57.651 billion in 2003-04.

The rise in imports during the fiscal under review also led to a higher deficit at $26.52 billion as against $14.27 billion in 2003-04.