India’s exports surged 46.45 percent year-over-year to $29.21 billion in June, as fears grow that the uncertainty in the U.S. and European economies will dampen trade growth in the coming months, Journal of Commerce reports. Total exports between April and June, the first three months of fiscal 2011-12, increased 45.7 percent to $79 billion from a year earlier.
“News from the two largest global markets — the U.S. and Europe — is far from cheerful. It is not going to be easy,” a Commerce Ministry official said Tuesday in New Delhi, releasing the latest trade data.
Imports for June increased 42.4 percent to $36.8 billion on a year-on-year basis, creating a trade gap of $7.6 billion. Imports during the first quarter grew 36.2 percent to $110.6 billion, and the trade deficit for the three months to the end of June was estimated at $31.6 billion.
Officials said export growth was largely led by petroleum products, engineering goods, garments, electronics and pharmaceuticals.
India, one of the world’s fast-growing economies, relies heavily on increased demand from the U.S. and European markets for export growth. These two regions cumulatively account for about 35 percent of the Asian country’s overall global exports, which hit an all-time high of $246 billion in fiscal 2010-11 ended March 31.
Based on latest growth trends, the Commerce Ministry has set an export target of $450 billion by fiscal 2013-14. According to official estimates, India’s exports to the United States totaled over $35 billion in fiscal 2009-10, which ended March 31, 2010, and $30 billion during April to December last year.
U.S. President Barack Obama during his visit to New Delhi in November last year called for closer ties between the two nations, and the two sides agreed to accelerate trade and investment in areas like infrastructure, technology, pharmaceuticals and education.
“News from the two largest global markets — the U.S. and Europe — is far from cheerful. It is not going to be easy,” a Commerce Ministry official said Tuesday in New Delhi, releasing the latest trade data.
Imports for June increased 42.4 percent to $36.8 billion on a year-on-year basis, creating a trade gap of $7.6 billion. Imports during the first quarter grew 36.2 percent to $110.6 billion, and the trade deficit for the three months to the end of June was estimated at $31.6 billion.
Officials said export growth was largely led by petroleum products, engineering goods, garments, electronics and pharmaceuticals.
India, one of the world’s fast-growing economies, relies heavily on increased demand from the U.S. and European markets for export growth. These two regions cumulatively account for about 35 percent of the Asian country’s overall global exports, which hit an all-time high of $246 billion in fiscal 2010-11 ended March 31.
Based on latest growth trends, the Commerce Ministry has set an export target of $450 billion by fiscal 2013-14. According to official estimates, India’s exports to the United States totaled over $35 billion in fiscal 2009-10, which ended March 31, 2010, and $30 billion during April to December last year.
U.S. President Barack Obama during his visit to New Delhi in November last year called for closer ties between the two nations, and the two sides agreed to accelerate trade and investment in areas like infrastructure, technology, pharmaceuticals and education.