Exports jump 46% to $29.2 bn in June

Helped by an impressive 46.4% rise in June, exports grew by a hefty 45.7% in the first quarter of the current fiscal despite uncertainties in the US and European markets.

The merchandise exports aggregated $29.2 billion in June, showing 46.4% growth year-on-year.

During April-June quarter, the shipments grew by 45.7% to $79 billion.

"Exports are steady. They are growing satisfactorily," Commerce and Industry Minister Anand Sharma told reporters here after the release of trade data.

Though most of the sectors posted robust expansion, be it petroleum products, ready-made garments, engineering or pharmaceuticals, Commerce Secretary Rahul Khullar cautioned 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.

Sharma is looking 25% growth annually so that exports touch $500 billion in 2013-14.

Imports too increased by 36.2% to $110.6 billion, led by $30.5 billion petroleum products, in April-June quarter

Though imports grew by 42.4% to $36.9 billion in June, the trade deficit of $7.7 billion was almost half of $14.9 billion in May, lessening concerns over the country's balance of payment situation.

"Higher imports growth reflects that industry is using imports to fulfill domestic demand," Ficci Secretary General Rajiv Kumar said.