New Delhi, May 8 (KNN) The government has set an export target of USD 325 billion for the current financial year in the wake of global slowdown, Parliament was informed today.

Due to the global slowdown in the developed regions like the US and Europe, the country's exports fell for the first time in three years with a dip of 1.8 per cent to USD 300.6 billion in 2012-13.  The country's trade deficit touched a record high level of USD 191 billion in last fiscal, Commerce and Industry Minister D Purandeswari said in a written reply to the Rajya Sabha.

"As per provisional figures, export registered an increase of 0.8 per cent for the month of January after a continuous fall during May, June, July, August, September, October, November and December 2012," she added.

Exports in India increased to USD 30.84 billion in March this year from USD 26.25 billion in the previous month.  Historically, from 1978 until 2013, India’s exports reached an all-time high of USD 30.84 billion in March of 2013.

India’s main exports are engineering goods (19 per cent of total exports), gems and jewellery (15 per cent), chemicals (13 per cent), agricultural products (9 per cent) and textiles (9 per cent).

India is also one of Asia’s largest refined product exporters with petroleum accounting for around 18 per cent of total exports. India’s main export partners are United Arab Emirates (12 per cent of total exports) and United States (11 per cent).  (KNN)