August 2011 trade snippets
The country’s exports rose 44.2% in August maintaining its robust expansion on the back of strong shipments of engineering goods, petroleum and oil products, electronics and readymade garments. Provisional data released by Commerce Secretary Rahul Khullar on Friday showed exports in August stood at $24.3 billion. During April-August 2011, exports rose 54.2% at $134.5 billion, while imports grew 40.4% at $189.4 billion. The trade deficit during the April-August period stood at $ 54.9 billion. Imports in August 2011 were $38.4 billion, registering the growth of 41.8%. Balance of trade for the month of August 2011 stood at (-) $14.1 billion. The sectors which notched robust growth included engineering, ($ 39.6 billion) rising 81% over last year and in the month of August it was $7 billion alone, petroleum and oil products, 60% ( $ 24.2 billion) and 4 billion for August, cotton 13,2% ($ 2.7 billion), electronics, 75% ($ 4.7 billion), readymade garments, 32% ( $ 5.75 billion). Indian exports have grown in double digits since the past year and in July registered more than 80% growth but economist say the global economic slowdown is expected to impact shipments from the country. India’s key markets in Europe and the United States are witnessing a slowdown but diversification of exports to other emerging markets has helped sustain growth. The commerce secretary also said a panel of ministers had decided to put non-basmati rice and wheat on the open general licence and banned exports of onion. Onion prices have soared in recent weeks and were one of the factors driving food inflation. He said exports of iron ore, fruits and vegetables were not doing well. Imports of POL rose 27% ($52.2 billion) in the April-August period while gold and silver increased 130% ($26.3 billion), machinery, 45% ($14.9 billion), electronics, 78% ($13.6 billion), organic and inorganic chemicals 30% ($30 billion) and coal 65% ($ 7 billion). Khullar also said imports of fertilizers have started picking and readymade garments and textiles have performed well.