India's exports grew at a five-year high of 17.48 per cent to USD 24.5 billion in February on account of surge in shipments of petroleum, engineering and chemicals, reported PTI.
"In continuation with the revival exhibited by exports since September 2016, exports during February for the first time exhibited a double-digit positive growth," the commerce ministry said in a statement.
The previous high in export growth was recorded at 36.3 per cent in September 2011. The last time the double digit growth was witnessed in June 2014, when the shipments rose by 10.2 per cent.
Commenting on the growth figures, exporters body Federation of Indian Export Organisations (FIEO) said going by the current trend, "we are definitely expected to reach around USD 270 billion of exports this fiscal".
Imports were up 21.76 per cent to USD 33.38 billion, leaving a trade deficit of USD 8.89 billion as against USD 6.57 billion in February last year.
During the April-February period of the current fiscal, exports have grown by 2.52 per cent to USD 245.4 billion. Imports, however, dipped 3.67 per cent to USD 340.7 billion.
Trade deficit during the 11-month period stood at USD 95.28 billion as against USD 114.3 billion in the same period of last fiscal.
Oil imports grew by 60 per cent to USD 7.68 billion in February. Non-oil imports too increased by 13.65 per cent to USD 25.7 billion.
Gold imports too jumped manifold to USD 3.48 billion in February as against USD 1.4 billion in the same month last fiscal.
Cumulatively, oil imports during April-February, 2016-17 were valued at USD 76.74 billion, about 1.76 per cent lower than the corresponding period last year. Non-oil imports during the period too declined by 4.22 per cent to USD 263.95 billion.