India’s exports grew by 46.4% year-on-year to $29.3 billion in June sustaining the growth momentum of the last few months as orders from traditional markets — the US and EU — remained robust.
Imports were up 42.4 % at $36.9 billion, leaving a trade deficit of $7.7 billion, latest trade data released showed.Exports ended the year 2010-11 with $245.9 billion — a growth of 37.6% compared to previous year despite bumpy recovery in some European economies. Exports have crossed the $200 billion mark for the first time.
Total exports during the first quarter of this financial year —April to June — stood at $79 billion clocking a growth of 45.7% while at $110.6 billion, imports grew by 36% as compared to the same period in the previous year.
Trade deficit at the end of June this year stood at $31.6 billion.
“With the export showing a steady growth, there is a growing satisfaction,” said commerce and industry minister Anand Sharma. “At the same time our imports are also increasing due to the high commodity prices especially high petroleum prices.”
“A figure of $29.2 billion is a very, very high number for exports. Virtually all sectors grew well,” commerce secretary Rahul Khullar said.
At $23 billion engineering goods by far constituted the largest component of the exports during April to June growing by 94% followed by gems and jewellery that grew by 19% at $9.25 billion.
Khullar said the figures are only the rough estimates and the final figure is subject to change.