India is expected to close the financial year 2010-11 with a higher trade deficit of $135 billion, up from the previously estimated $120 billion, with the country's August trade deficit shooting up to a 23-month high of $13.06 billion.
The government expects the country's exports to touch $200 billion in the current fiscal ending 31 March 2011, commerce secretary Rahul Khullar said today.
India, Asia's third-largest econony, reported a 21.3 per cent year-on-year increase in its October 2010 exports to 18 billion while imports for the month grew 6.8 per cent to $27.7 billion.
During April-October 2010, exports from the country grew 26.8 per cent to $121.4 billion while imports rose 26 per cent to $194.2 billion.
The country's trade deficit has widened to $72.8 billion, Khuller said.
Khuller noted that almost all sectors, including engineering, gems and jewellery, marine products, petroleum and its products, leather and leather products, have done well on the export front viz.