India's exports surge 82% in July

Business

oi-Monika Nihalani

By Monika Nihalani

Published: Friday, August 12, 2011, 11:50 [IST]

Despite high inflation and slow growth, India's exports rose 82% in July and touched $29.3 billion. Indian exports were seen moving up even after slowdown in US and Europe, the major clients.

The major credit goes to sectors like engineering, petrochemical products, textiles and gems & jewellery which performed extremely well during the period.

Engineering exports rose to $31.6 billion, gems and jewellery exports touched $12.8 billion, petroleum and oil products exports grew $18.6 billion, man-made fibre exports flourished $ 1.78 billion, electronics exports were to the tune of $ 3.72 billion, readymade garments exports were at $5 billion.

“Exports are well ahead of the projected figures, with the value of country"s overseas shipments have reached $108.3 billion, a growth of 54 per cent while the imports were $151 billion with a growth of 40 per cent during April-July 2011," Commerce Secretary, Rahul Khullar said in the statement.

The trade deficit was $42.7 billion for the same period.

He cautioned in the statement by saying numbers may not be good in coming months due to instability in Europe and US region, which might affect sales.

“Exports have done well. But my sense is that the high export growth is not going to sustain. It is simply not sustainable. We should see growth rates slipping by August-September," he said.

India"s imports in July 2011 have also jumped, registering $40.4 billion and a growth of 51.5% except Machinery, electronics and gold imports which declined during the period. The trade deficit was $11.1 billion for the same period.

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