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  3. India’s merchandise export expands by 82% in July

India’s merchandise export expands by 82% in July

11 Aug 2011 Evaluate

Commerce Secretary Rahul Khullar opined that India's merchandise exports expanded in July by nearly 82% from a year earlier, totaling $29.3 billion. He further stated that India’s imports in the month of July grew 51.5% from a year earlier to $40.4 billion, thereby widening the trade deficit to $11.1 billion from $7.66 billion in June.

Exports continued to grow briskly in July as shipments of engineering, petroleum products, gems and jeweler and readymade garments gained pace, besides, the strategy to diversify to new non-traditional markets in Asia, Africa and Latin America have also proved helpful. Exports during April-July 2011 were worth $108.3 billion, registering a 54% growth while imports during the period were $151 billion, registering a 40% growth, taking the trade deficit during April-July period to $42.7 billion.

However, the Commerce Secretary voiced his concerns over the prospects of export growth in the coming month by stating that export growth rates will ease from August due to a demand contraction in traditional markets such as US and Europe. The US is India's biggest trade partner in goods and services combined.

Exports had registered a record 37.6% growth in the previous fiscal year that ended in March and Asia’s third largest economy has continued the good work in this fiscal year as well, but exporters are growing increasingly worried following Standard and Poor's cut of the US sovereign debt rating, which stunned global financial markets and stoked fears of another global economic slowdown.

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