India’s exports continue to grow at over 30 per cent
20 Jul 2010
India's exports grew by over 30 per cent for the fifth straight month in June, rising 30.4 per cent to $17.75 billion, amid a slowdown in China and concerns over the Euro zone.
In absolute terms, the exports are still below the levels seen in 2008, indicating that the high growth rate is partly due to the base effect, reflecting a sluggish 2009 when exports contracted by 5 per cent.
''My sense is that there is some good news,'' commerce secretary Rahul Khullar said addressing a press conference on Monday, but quickly added that it was not great news yet.
Exports grew 32 per cent to $50.8 billion in the April-June quarter from a year ago, while imports rose 34 per cent to $83 billion during the period, government data showed.
In the first quarter, a number of sectors such as engineering, chemicals, pharmaceuticals, gems and jewellery, and iron ore notched up impressive growth rates. ''While the steady increase in exports in these sectors seems to be signalling that some turnaround is underway, it could be just a blip,'' Khullar said.
The government was aware of the problems in Europe, but has decided to watch the situation for a while, Khullar said. ''There is definitely a problem there (in Europe). I prefer to wait till numbers of geographical distribution come in,'' he said.
