04-14-2005, 04:12 AM
<b>India exports hit record levels </b><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->India's exports reached record levels in the last fiscal year as its economy continued to boom.
Figures showed exports rose 24% to $80bn (£42.7bn) in the year to March - but soaring oil imports meant India still ran up a trade deficit of $25bn.
The country imports more than 70% of its oil needs and while demand has increased, so has the price of crude.
Economists say a global downturn would have an impact on exports this year, with a 15% rise being forecast.
Still, the Indian government raised its exports target to £92bn from £88bn.
The government's data showed imports rose 34% to $105bn last year - with oil making up $29bn of that figure. <!--QuoteEnd--><!--QuoteEEnd-->
Figures showed exports rose 24% to $80bn (£42.7bn) in the year to March - but soaring oil imports meant India still ran up a trade deficit of $25bn.
The country imports more than 70% of its oil needs and while demand has increased, so has the price of crude.
Economists say a global downturn would have an impact on exports this year, with a 15% rise being forecast.
Still, the Indian government raised its exports target to £92bn from £88bn.
The government's data showed imports rose 34% to $105bn last year - with oil making up $29bn of that figure. <!--QuoteEnd--><!--QuoteEEnd-->