Our exports in the month of July reported a whopping 81.8 percent Year-on-Year growth to $29.3 billion.
The major contributors to this growth are
Engineering Sectors - $8.7billion
Petroleum products - $4.6 billion
Ready-made garments - $1.38 billion
Electronic goods - $0.90billion
Jewellery and gems - $3.5billion
Exports from Engineering sector were $31.6billion during April-July 2011. The main reason for this were due to a major increase in shipments to Africa and South America.
Commerce secretory Mr.Rahul Khullar said that current buoyancy in exports was due to the execution of exports orders received well before the recent crisis in US and Euro zone, the tsunami in Japan and high inflation in China.
He also said that growth rate will be slow from August due to the Demand contraction from American markets and Europe.
Also another negative factor are the higher interest costs. The higher interest costs hurts the exporters especially small and medium exporters.
He added that due to these negative economy issues, the monthly export will likely to fall below $25billion soon. So it is really a tough task to achieve a $300 billion exports for the entire fiscal. In 2010-11 our merchandise exports were $246billion.
Our imports also increased. Imports in July increased 51.5 percent to $40.4billion.
Imports of machinery, gold, electronics declined while the imports of oil, pearls and precious stones increased in July.
When we calculate the Exports and Imports during April-July 2011, exports jumped 54 percent to $108.3billion while imports also increased to $151billion.
Regards Hari " लोका समस्ता सुखिनो भवन्तु "
Posts
