News: Indian exports rise 40.17% in June

(BL 15/07/2006) New Delhi - The country's merchandise exports during June 2006 clocked a growth 40.17 per cent in dollar terms, having touched close to $10 billion in a single month ($9,967.08 million) from the level of $7,110.96 million during June 2005, even as the first quarter export growth logged a wholesome 32.40 per cent growth over the comparable level of last fiscal's first quarter.

Provisional data collated by the Directorate-General of Commercial Intelligence & Statistics (DGCI&S) and released by the Department of Commerce on Friday show that exports during April-June 2006-07 are valued at $27,671.93 million, which is 32.40 per cent higher than the level of $20,900.31 million during April-June 2005.

According to Ministry officials, quick estimates of selected major commodities show a substantial spurt in exports of engineering products, petroleum products, basic chemicals, electronic goods, cotton yarn/fabrics/made-ups, spices, coffee, tobacco, carpets and mica, coal and other minerals, including processed ones, during June 2006.

The Union Minister of Commerce & Industry, Kamal Nath, said "The sustained buoyancy of India's merchandise exports and, in particular, the record growth achieved in the first quarter of this fiscal, reflects the effectiveness of various policy measures taken by the Government and the growing global competitiveness of Indian enterprises, especially in the manufacturing sector, which accounts for over 75 per cent of exports."

The country's imports during June 2006 are valued at $13,763.86 million, representing an increase of 23.98 per cent over the level of imports valued at $11,101.23 million in June 2005. Total imports during April-June 2006 are valued at $40,281.28 million, which is 24.48 per cent higher than the level of $32,360.13 million during April-June 2005.

Trade deficit during the period April-June 2006 is estimated at $12,609.35 million, which is higher than the deficit of $11,459.92 million during April-June 2005. If the revised figures of June 2005 as also during the first quarter of 2005-06 are taken into account, the country's exports during April-June 2005-06 were $23,676.12 million and imports at $34,214.14 million, leaving a trade deficit of $10,538.02 million.