Foreign Trade Policy 2004-09- Annual Supplement 2006
2. TRADE PERFORMANCE-
When the Government launched the new Foreign Trade Policy in August 2004, it set out with the ambitious objective of doubling India’s percentage share of global merchandize trade within five years. Merchandize trade in the very first year of the policy period grew at the rate of 26%. This year’s export figures are unprecedented. I am delighted to share with you that merchandize exports have crossed the ‘magic figure’ of 100 billion dollars. In fact, they have touched the ‘auspicious figure’ of 101 billion dollars. The annual growth rate is 25%.
Our imports have grown 32%, and stand at 140 billion dollars – but 43 billion is our oil bill. Thus, our non-oil imports are 97 billion dollars, a full 4 billion lower than our exports. On the non-oil front, therefore, we have a positive balance of trade.
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