Even as the financial situation in the US and Europe remains grim, India registered an 81.8% increase in exports at $29.3 billion year-on-year in July, 2011. In July 2010, India's exports stood at $16.1 billion.
Imports have also surged by 51.5% to touch $40.4 billion in July compared to $26.6 billion in the corresponding month in the previous year. The trade deficit is estimated at $11 billion, a statement released by the government said on Thursday.
Exports of engineering, petroleum products and gems and jewellery were estimated at $8.7 billion, $4.6 billion and $3.5 billion, respectively, in July, according to the statement.
Oil imports stood at $11.4 billion, an increase of 37% over the corresponding period last year. Non-oil imports too surged by 58.1% in July this year to $29 billion. During April-July, 2011, oil imports increased by 22.3% to $42 billion while non-oil imports were up by 48% to $109.1 billion from $73.7 billion in the corresponding period in the previous fiscal.
The Federation of Indian Export Organisations (FIEO) in a statement said that the going may become tough in the next two quarters primarily due to the global uncertainties and exports could see a drop in the coming months. The problems on the domestic front, with hike in interest rates for exports and uncertainty over continuance of the Duty Entitlement Passbook Scheme (DEPB), which is meant to neutralise the incidence of import duty on export products scheme, would further accentuate the problem, the FIEO said.