Exports Rise 32.4% in Jan As Latin America, US Lap Up Indian Goods.

India’s merchandise export saw a substantial jump to $20.6 billion in January, up 32.4 per cent compared to the same period a year ago, mainly on the back of rising demand in the US and Latin American markets.

According to data released by the ministry of commerce, the exports grew by 29.3 per cent at $184.63 billion during the first nine months of the current fiscal compared with $142.7 billion a year ago. During the month, imports grew by 13.1 per cent to $28.58 billion, resulting in a trade deficit of $7.98 billion.

India aims to more double its exports in the next three year to $450 billion for which a strategy paper has already been placed in public domain for stakeholder consultation.

Earlier, Commerce Secretary Rahul Khullar had said India is likely to cross the $200 billion export target for the fiscal in February and total exports during the year are likely to touch $225 billion. The growth in exports is result of market diversification adopted by the government for which it provides incentives to exporters. They are provided incentives for exploring African and Latin American markets. Exporters are seeing huge demand for engineering products from Latin American countries such as Colombia.

Source : indianexpress.com