Exports surge 44% to $24bn in August
TNN | Sep 10, 2011
NEW DELHI: The country's exports rose 44.2% in August maintaining its robust expansion on the back of strong shipments of engineering goods, petroleum and oil products, electronics and readymade garments.
Provisional data released by commerce secretary Rahul Khullar on Friday showed exports in August stood at $24.3billion.During the period April-August 2011, exports rose 54.2% at $134.5billion, while imports grew 40.4% at $189.4 billion. The trade deficit during the April-August period stood at $ 54.9 billion.
Imports in August 2011 were $38.4 billion registering the growth of 41.8%. Balance of trade for the month of August 2011 stood at (-) $14.1 billion.
The sectors which notched robust growth included engineering, ($ 39.6 billion) rising 81% over last year and in the month of August it was $7 billion alone, petroleum and oil products, 60% ( $ 24.2 billion) and 4 billion for the month of August, cotton 13,2% ($ 2.7 billion), electronics, 75% ($ 4.7 billion), readymade garments, 32% ( $ 5.75 billion).
Indian exports have grown in double digits since the past year and in July registered more than 80% growth but economist say the global economic slowdown is expected to impact shipments from the country. India's key markets in Europe and the United States are witnessing a slowdown but diversification of exports to other emerging markets has helped sustain growth.
The commerce secretary also said a panel of ministers had decided to put non-basmati rice and wheat on the open general licence and banned exports of onion. Onion prices have soared in recent weeks and were one of the factors driving food inflation.
Asked whether the government would provide any fiscal help to exporters in the event of a sharp slowdown Khullar said I don't know when, something will have to be done>"
"Up till now we have had a good run, but you could be looking at difficulties down the road. If you want to prevent them, then you better kick in now with action."
He said exports of iron ore, fruits and vegetables were not doing well.
Imports of POL rose 27%($ 52.2 billion) in the April-August period while gold and silver increased 130% ($26.3 billion),machinery, 45%( $14.9 billion), electronics, 78% ($13.6 billion), organic and inorganic chemicals 30% ($30 billion) and coal 65% ( $ 7 billion).
Khullar also said imports of fertilizers have started picking and readymade garments and textiles have performed well.
Source: The Times of India,
http://timesofindia.indiatimes.com/business/india-business/Exports-surge-44-to-24bn-in-August/articleshow/9928067.cms
NEW DELHI: The country's exports rose 44.2% in August maintaining its robust expansion on the back of strong shipments of engineering goods, petroleum and oil products, electronics and readymade garments.
Provisional data released by commerce secretary Rahul Khullar on Friday showed exports in August stood at $24.3billion.During the period April-August 2011, exports rose 54.2% at $134.5billion, while imports grew 40.4% at $189.4 billion. The trade deficit during the April-August period stood at $ 54.9 billion.
Imports in August 2011 were $38.4 billion registering the growth of 41.8%. Balance of trade for the month of August 2011 stood at (-) $14.1 billion.
The sectors which notched robust growth included engineering, ($ 39.6 billion) rising 81% over last year and in the month of August it was $7 billion alone, petroleum and oil products, 60% ( $ 24.2 billion) and 4 billion for the month of August, cotton 13,2% ($ 2.7 billion), electronics, 75% ($ 4.7 billion), readymade garments, 32% ( $ 5.75 billion).
Indian exports have grown in double digits since the past year and in July registered more than 80% growth but economist say the global economic slowdown is expected to impact shipments from the country. India's key markets in Europe and the United States are witnessing a slowdown but diversification of exports to other emerging markets has helped sustain growth.
The commerce secretary also said a panel of ministers had decided to put non-basmati rice and wheat on the open general licence and banned exports of onion. Onion prices have soared in recent weeks and were one of the factors driving food inflation.
Asked whether the government would provide any fiscal help to exporters in the event of a sharp slowdown Khullar said I don't know when, something will have to be done>"
"Up till now we have had a good run, but you could be looking at difficulties down the road. If you want to prevent them, then you better kick in now with action."
He said exports of iron ore, fruits and vegetables were not doing well.
Imports of POL rose 27%($ 52.2 billion) in the April-August period while gold and silver increased 130% ($26.3 billion),machinery, 45%( $14.9 billion), electronics, 78% ($13.6 billion), organic and inorganic chemicals 30% ($30 billion) and coal 65% ( $ 7 billion).
Khullar also said imports of fertilizers have started picking and readymade garments and textiles have performed well.
Source: The Times of India,
http://timesofindia.indiatimes.com/business/india-business/Exports-surge-44-to-24bn-in-August/articleshow/9928067.cms
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