The Hindu : Business : Exports surge 32 p.c.

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Saturday, Jul 15, 2006

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Business

Exports surge 32 p.c.

Special Correspondent

Engineering, electronic and minerals record substantial growth

Oil imports exceed $13 b in first quarter Exports slated to touch $126 b this year

NEW DELHI: Exports in the first quarter of the current fiscal (April-June 2006) have surged by 32.4 per cent, thanks to an unprecedented rise of 40 per cent in June alone. The latest trade data released here on Friday shows that the trade gap is $1 billion more than at the same time last year, but export growth has sustained its initial momentum.

Quick estimates indicate that the spurt in exports is due to a substantial increase in enegineering products, petroleum products, basic chemicals, electronic goods, cotton yar, spices, coffee, tobacco, carpets and minerals. Commenting on the latest export trends, Commerce and Industry Minister Kamal Nath said, "the sustained buoyancy of India's exports reflects the effectiveness of various policy measures taken by the Government and growing global competitiveness of Indian enterprises, especially manufacturing which accounts for 75 per cent of exports.''

He added that "at this rate, I am confident that India's merchandise exports will hit $126 billion this year, representing doubling of exports within just three years.''

The trade data reveal that exports have risen by 40 per cent in June to $9.9 billion from $7.1 billion in the same month last year. Imports during the month rose by 23.98 per cent to $13.7 billion, narrowing the trade deficit to $3.8 billion from $4 billion in the last fiscal.

As a result of the surge in June, the export growth rate for the first quarter (April-June) has increased by 32.4 per cent to $27.6 billion from $20.9 billion in the same period last year.

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