INDIA

Imports too jumped by 51.5 per cent to $40.4 billion during the month against $26.6 billion a year-ago, leaving a trade deficit of $11 billion, according to the official data released on Friday.Describing the huge growth, as “unheard in the recent history” of Indian exports, President of Federation of Indian Export Organisations (FIEO) Ramu S Deora said,”we are adding around $10 billion every month in the last four months (on sequential basis)”.The achievement is considered significant in the wake of uncertainty in the US economy, which accounts for 10 per cent of India’s exports. Besides, there are debt problems in several parts of Europe. The trend was led by growth in exports of engineering, petroleum products and gems and jewellery items.For the April-July period, the export consignments grew by 53.98 per cent to $108.34 billion from $70.36 billion during the corresponding period previous year. During the first four months of the fiscal, imports expanded by 40 per cent to $151 billion while trade deficit stood at $42.6 billion. [More]
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