Meanwhile the government is providing duty incentives to exporters for these new markets
The nation's exports grew by an impressive 50 percent in February on the back of rising demand from new markets including Asia, Latin America and Africa, said Federation of Indian Export Organisations (FIEO).
Exports went up by 49.7 percent year-on-year during February to USD 23.5 billion, taking the April-February 2010-11 figure to USD 208.2 billion, an increase of 31.4 percent over the year-ago period and past the yearly target of USD 200 billion.
However, Deora said that demand is still weak in several European markets. The US and Europe were the traditional markets for Indian exporters, but after the global economic crisis, exporters increased their engagement in new markets of Asia, Latin America and Africa.
Meanwhile the government is providing duty incentives to exporters for these new markets.
Imports also increased by 21.2 percent in the month under review to USD 31.7 billion, leaving a trade deficit of USD 8.1 billion, according to the Commerce Ministry data released on Friday.