The export target of US $ 160 billion set for the year (2007-08) has been achieved. According to the final figures released by the DGCI & S (Directorate General of Commercial Intelligence & Statistics), the cumulative value of exports for the period April-March 2008 reached a level of Rs.655,864 crore as against Rs.571,779 crore registering a growth of 14.71%. In US dollar terms, exports reached a level of US $ 162.9 billion during 2007-08, registering a growth of 29.02% over the same period last year.

The major drivers of exports during the period were engineering goods (27.34%), petroleum products (51.97%), gems & jewellery (23.27%), agriculture & allied products (55.51%) and ores & minerals (30.34%). Exports of textiles, handicrafts and sports goods, which were badly hit during 2006-07 due to appreciation of rupee vis-à-vis US dollar since September 2006, showed improvement in their performance during the year.
Export target achieved: national merchandise exports exceeded the year goal, driven by engineering, petroleum and gems sectors. The annual merchandise export target for 2007-08 was met, with DGCI&S reporting cumulative exports of Rs.655,864 crore and US dollar receipts of US $162.9 billion, representing significant year over year growth. Major contributors to the increase included engineering goods, petroleum products, gems and jewellery, agriculture and allied products, and ores and minerals, while textiles, handicrafts and sports goods showed signs of recovery after prior underperformance.