India Exports Jump 46% in June

Strong growth in engineering, petroleum products, gems and jewelery and electronics.

India's exports hit 29.2 billion, an 46% increase. The year-on-year rise came as the key economic regions improved and India's strategy of diversifying its export markets to embrace Latin America and Africa also paid off, a senior government official said.

"Virtually all sectors grew well," Commerce Secretary Rahul Khullar said, describing the figure as "very high."

The export sectors that posted strong growth included engineering, petroleum products, gems and jewelery and electronics.

Imports in June grew 42.4% to $36.9 billion, leaving a trade deficit of $7.7 billion for the month.

During the first quarter of the financial year from April to June, exports surged 45.7% to $79 billion while imports jumped 36.2% to $110.6 billion.

Asia's third-largest economy is aiming to more than double its merchandise exports in three years. The country hopes to attain $500 billion in export revenue in the year through March 2014, which will require annual export growth of 26.7%, according to the commerce ministry.

India's exports in the last fiscal year to March 2011 grew 37.6% to a record $245.9 billion as demand for made-in-India goods picked up following the global financial crisis.

India has relied mainly on domestic consumption to drive its economy but analysts say higher exports are needed to help the country attain its goal of double-digit growth.

Copyright Agence France-Presse, 2011

TAGS: Trade
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