Export Grows 44.2% in August at US $ 24.3 Billion: Commerce Secretary
India’s exports have registered a growth of 44.2% during August 2011, at US $ 24.3 billion. Interacting with the media persons here today, Shri Rahul Khullar, Commerce Secretary, informed that during the period April-August 2011, exports have reached a level of US $ 134.5 billion, a growth of 54.2% while the imports were US $ 189.4 billion with a growth of 40.4% and a trade deficit of US $ 54.9 billion, during the same period. During the interaction, Shri Khullar also informed that India’s imports in August 2011 were US $ 38.4 billion registering the growth of 41.8%. Balance of trade for the month of August 2011 stood at (-) 14.1 billion US $.
During April-August 2011, the following sectors have done well viz., engineering, (US $ 39.6 billion) which registered the growth of 81% over the last year and in the month of August it was 7 billion alone; petroleum & oil products, 60% (US $ 24.2 billion) and 4 billion for the month of August; Cotton 13,2% (US $ 2,7 billion) ; electronics, 75% (US $ 4.7 billion); Readymade garments, 32% ( US $ 5.75 billion).
Shri Khullar also stated that exports of iron ore, fruits & vegetables are not doing well. He further said that, suddenly the Imports are catching up with the exports.
As regards to imports during April-August 2011, the growth estimates on the following sectors are: POL, 27% (US $ 52.2 billion); Gold and silver 130% (US $ 26.3 billion),; machinery, 45% (US $ 14.9 billion), electronics, 78% (US & 13.6 billion), Organic and inorganic chemicals 30% (US $ 30 billion) and coal 65% (US $ 7 billion US $). Shri Khullar later informed that imports of fertilizers have started picking up and it has grown double alone in this month. Readymade garments and textiles have done quite well. The Commerce Secretary clarified that the figures are only the rough estimates and the final figure is subject to change.