New Delhi: India’s exports grew by an impressive 46.45% to $29.21 billion in June, 2011, despite uncertainty in the US and European markets.
Merchandise exports aggregated to $19.94 billion in June, 2010.
During the April-June quarter, overseas shipments grew by 45.7% to $79 billion, according to commerce ministry data released today.
Though most sectors posted robust expansion — be it petroleum products, ready-made garments, engineering or pharmaceuticals — Commerce Secretary Rahul Khullar sounded a cautionary note, saying that news from the largest two markets — the US and Europe — “is far from cheerful... Summer is not over. It is still not going to be easy”.
The US and Europe together account for about 35% of the country’s exports, which stood at $246 billion in 2010-11.
Though imports grew by 42.4% to $36.8 billion in June, the trade deficit of $7.6 billion was almost half the level of $14.9 billion seen in May, lessening concerns over the country’s balance of payments situation.
In April-June, 2011-12, inbound shipments rose by 36.2% to $110.6 billion, led by the import of $30.5 billion worth of petroleum products. The trade gap during the period stood at $31.6 billion.
Oil and non-oil imports increased by 30% and 47.8%, respectively, during the month under review to $10.18 billion and 26.6 billion.
During the first quarter, oil imports grew by 18.1% to $30.52 billion from $25.84 billion. Non-oil imports, too, increased by 44.68% to $80 billion from $55.35 billion in April-June, 2010-11