India’s merchandise exports surged to record levels across all major commodity groups and destinations during 2005-06 and the trend is continuing in the current year.

Exports are estimated to have reached a record figure of $102.7 billion during fiscal 2005-06. Commodities that witnessed very high growth include petroleum products (64%); raw cotton (570%); and textiles as a group (over 17%).

India’s top export destinations based on their percentage share of India’s total merchandise exports were USA (16.75%); United Arab Emirates (8.36%); People’s Republic of China (6.54%); Singapore (5.42%); and the United Kingdom (5.01%).

Exports grew at a rate of 23% and crossed the $100 billion mark during this period and are expected to exceed $120 billion by the end of 2006-07. On the employment front, an additional 21 million jobs are expected to be created between 2004-05 and 2009-10 as a result of export growth.