Press Information Bureau

Government of India

Ministry of Commerce & Industry

08-July-2011 15:44 IST

Export Target Achievable by 2014: Anand Sharma

Export Grows 45.7% in the First Quarter at US $ 79 Billion: Commerce Secretary

India’s exports have registered a growth of 46.4% during June 2011, at US $ 29.2 billion. Interacting with the media persons here today, Shri Rahul Khullar, Commerce Secretary, informed that during the period April-June 2011, exports have reached a level of US $ 79 billion at a growth of 45.7% while the imports were US $ 110.6 billion with a growth of 36% and a trade deficit of negative US $ 31.6 billion, during the same period. During the interaction, Shri Khullar also informed that India’s imports in June 2011 were US $ 36.9 billion registering the growth of 42.4%. Balance of trade for the month of June 2011 stood at negative 7.7 billion US dollar. Regarding the consistently growing exports, Shri Anand Sharma Union Minister for Commerce & Industry said, “With the export showing a steady growth, there is a growing satisfaction. If we keep growing at an excess of 79 billion US $ 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 first quarter are quite encouraging, hope that the industry continuous to grow.”

During April-June 2011, exports the following sectors have done well viz., engineering, 94% (US $ 23 billion); Gems & Jewellery, 19% (9.25 billion US $); petroleum & oil products, 60% (US $ 14 billion); manmade yarn & made-ups, 30% (US $ 1.2 billion); electronics, 69% (US $ 2.8 billion); Marine products, 27% (0.6 billion); and leather registered the growth of 26% (1.1 billion US $.) Interacting with the media persons, Shri Khullar stated that exports of iron ore, Fruits & vegetables and tobacco are on the negative growth because of ban on exports on these sectors.

As regards imports during April-June 2011, the growth estimates on the following sectors are: POL, 18% (US $ 30.5 billion); pearls & precious stones, 10% (US $ 7.5 billion); gold & silver, 200% (US $ 17.7 billion); Iron & steel, -10% (US $ 2.7 billion) and machinery, 49% (US $ 9 billion) . Shri Khullar clarified that the figures are only the rough estimates and the final figure is subject to change.

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DS/GK

Export growth momentum signals stronger trade performance but rising imports widen the trade deficit and affect external balance. India's merchandise exports showed substantial year on year growth in April-June with broad sectoral strength in engineering, petroleum products, electronics, gems and textiles, while exports of iron ore, fruits and vegetables and tobacco declined due to export bans. Concurrently imports expanded-driven by petroleum, precious stones and machinery-widening the trade deficit; figures are provisional and attributed to commodity price effects and exporter/manufacturer efforts.