Exports up 46% in June to $29 bn

India's exports grew by an impressive 46% to $29 billion in June, 2011, despite uncertainty in the US and European markets.

Merchandise exports aggregated to $20 billion in June, 2010.

During the April-June quarter, overseas shipments grew by 46% to $79 billion, according to Commerce Ministry data released today.

Though most sectors posted robust expansion -- be it petroleum products, ready-made garments, engineering or pharmaceuticals -- Commerce Secretary Rahul Khullar sounded a cautionary note, saying that news from the largest two markets -- the US and Europe -- "is far from cheerful, summer is not over. It is still not going to be easy".

The US and Europe together account for about 35% of the country's exports, which stood at $246 billion in 2010-11.

Though imports grew by 42% to $37 billion in June, the trade deficit of $7.6 billion was almost half the level of $15 billion seen in May, lessening concerns over the country's balance of payments situation.

In April-June, 2011-12, inbound shipments rose by 36.2% to $110.6 billion, led by the import of $30.5 billion worth of petroleum products. The trade gap during the period stood at $31.6 billion.

Oil and non-oil imports increased by 30% and 47.8%, respectively, during the month under review to $10 billion and 26.6 billion.

During the first quarter, oil imports grew by 18.1% to $30.5 billion from $26 billion. Non-oil imports, too, increased by 45% to $80 billion from $55 billion in April-June, 2010-11.