India's exports grew 23.2 per cent in September, recording a two-year high of $18.02 billion, while faster import growth raised concerns over the country's widening trade gap.
The country's merchandise exports in September 2009 was $14.6 billion.
During the six month review of April-September period, exports increased 28 per cent to $103.64 billion, compared to the same period previous financial year, according to an official data released on Monday.
Commerce and Industry Minister Anand Sharma had recently said: "The country is on track to surpass the export target of $200 billion for the current financial year."
Federation of Indian Export Organisations (FIEO) said the council is confident about achieving the export target, as growth in figures has been good. However, imports grew even faster, 26.1 per cent to $27.14 billion in September.
Import in the first half of the current financial year stood at $166.4 billion, an increase of 29.9 per cent year-on-year, translating into a massive trade gap of $62.83 billion during April-September period.
The trade deficit in September was $9.11 billion. However, this was lower than the $13-billion deficit in August.
"We still need to be concerned about the balance of trade deficit," Commerce Secretary Rahul Khullar had said.
FIEO President A Sakthivel said widening of the trade gap is worrisome. But, it also shows that the manufacturing sector is doing well.
Oil imports rose 14.4 per cent to $7.49 billion in September and non-oil imports increased by 31.2 per cent to $19.6 billion.
During April-September period of the current year, oil imports increased 30 per cent year-on-year to $48.71 billion and non-oil imports grew 29.9 per cent to $117.76 billion.
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