India Sees Strong First Quarter 2011 Export Growth
Jul. 18 – The Commerce Secretary of India informed that during the first quarter of this fiscal year, from April-June 2011, exports achieved a level of US$79 billion at a growth of 45.7 percent. Imports over the same time-frame were US$110.6 billion with a growth of 36 percent resulting in a trade deficit of US$31.6 billion.
The Commerce Secretary also announced that India’s exports recorded a growth of 46.4 percent during June 2011, at US$29.2 billion, while imports were US$36.9 billion registering a growth rate of 42.4 percent. The balance of trade for the month of June 2011 stood at a deficit of US$7.7 billion.
“With the export showing a steady growth, there is a growing satisfaction,” the Commerce Secretary said regarding the consistence of the growth in exports. “If we keep growing at an excess of US$79 billion, we can achieve our target by 2014. This growth is possible due to the collective efforts and endeavours of manufacturers and exporters. At the same time our imports are also increasing due to the high commodity prices – especially high petroleum prices. The figures for the first quarter are quite encouraging.”
In April-June 2011, exports of the following sectors did particularly well:
- Engineering: Up 94 percent to US$23 billion
- Gems and jewelry: Up 19 percent to US$9.25 billion
- Petroleum and oil products: Up 60 percent to US$14 billion
- Man-made yarn and made-ups: Up 30 percent to US$1.2 billion
- Electronics: Up 69 percent to US$2.8 billion
- Marine products: Up 27 percent to US$600 million
- Leather: Up 26 percent to US$1.1 billion
The Commerce Secretary stated that exports of iron ore, tobacco, and fruits and vegetables saw negative growth because of bans on exports in these sectors.
Regarding imports during the April-June 2011 quarter, the development estimates on the following sectors are:
- POL: Up 18 percent to US$30.5 billion
- Pearls and precious stones: Up 10 percent to US$7.5 billion
- Gold and silver: Up 200 percent to US$17.7 billion
- Iron and steel: Up 10 percent to US$2.7 billion
- Machinery: Up 49 percent to US$9 billion
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