India’s merchandise exports for 2011-12 have crossed the target of $300 billion despite weak demand in traditional markets such as the US and European Union.

Meanwhile, imports for the last fiscal touched $485 billion. This led to the trade deficit (export-import gap) touching a record $185 billion. (Trade deficit in 2010-11 was only $104.82 billion, according to Commerce Ministry data).

Disclosing these provisional figures, the Commerce, Industry and Textiles Minister Mr Anand Sharma told reporters that “We were on course (to achieve the target) despite very difficult global scenario (and) the contraction of demand in some of traditional destinations.”

“Diversification into new markets (including Latin America, Africa and Asia) has positively worked towards meeting our target,” he said.

The Minister added that the high level of trade deficit is a big challenge for the current fiscal also.

The export sectors that fared well include engineering, gems and jewellery, pharmaceuticals, chemicals and textiles, he said.

However, the huge imports were due to the prevailing high oil prices.

In 2011-12, crude and petroleum products imports were worth $150 billion and accounted for the largest sectoral imports, while gold and silver imports came second with $60 billion.

The Commerce Secretary Dr Rahul Khullar said that later this month the Ministry will bring out the final trade data.

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