Country’s exports increase by 46.4% to $29.2 billion in June

On the back of increased demand from western markets India’s exports for June increased by 46.4% to $29.2 billion, on the other hand, imports too registered a growth of 42.4% to $36.9 billion, leaving a trade deficit of $7.7 billion for the month of June.

The Commerce Secretary Rahul Khullar said, '$29.2 billion figure is a very, very high number for exports. Virtually all sectors grew well”.

In the first quarter of current financial year, exports grew by 45.7% to $79 billion and imports increased by 36.2 % to 110.6 billion, however, trade deficit for the first quarter stood at $31.6 billion. The exporting sectors that registered strong growth during the quarter include engineering, petroleum products, gems and jewellery, readymade garments and electronics.

Continuing with its upward trend, India's handicraft exports too recorded a 18% growth year-on-year at $555 million during the first quarter of the current financial year due to exploration of new markets and increased demand in the traditional western markets. During April-June 2010-11, the labour intensive sector exported goods worth $469.80 million. “The growth in exports is mainly from the US and European markets.

In June, overseas shipments grew by 22.34% to $166.66 million from $136.23 million in the same month last year. The main items in the handicrafts segment which registered healthy growth during April-June 2011-12 include art metalware, woodware and imitation jewellery. The sector employs almost 76 lakh people.