The Financial Express reported that the truncated exports target of USD 175 billion for the fiscal would be hard to meet as the country"s overseas sales dipped by 13% in February 2009, the 5 decline in a row.
According to quick estimates of the government, imports also fell for second consecutive month by about 18% during the period.
Exports in February contracted to USD 13.04 billion, while imports shrank by 18.1% to USD 17.02 billion, reducing the trade deficit to USD 4 billion compared to USD 5.69 billion in the same period last year.
The cumulative exports during April to February 2008-09 stood at USD 157.3 billion compared to USD 142.85 billion in the corresponding period last year. While imports in the same period grew by 21% to USD 260.35 billion from USD 215.22 billion in the year ago period. Even to touch the USD 175 billion exports target, the country requires about USD 18 billion in the next 3 weeks, which appears a toll order.
Mr A Sakthivel president of Federation of Indian Export Organizations said that "By seeing the continuous dip in the exports, we expect that India"s exports will end up on USD 168 billion to USD 170 billion during the financial year."