The financial year 2011-12 opened with 34.4% year-on-year growth in exports to $23.9 billion in April, but "it is not going to be an easy summer for exporters," Commerce Secretary Rahul Khullar said today.
Imports grew at a lesser pace of 14.1% to $32.8 billion, leaving a trade gap of $8.9 billion for April.
Merchandise shipments had increased by 44% in March and the country's exports for FY11 aggregated $246 billion, showing a growth of 37.55%.
A robust performance in April was led by engineering consignments which went up by 109% to $6.8 billion.
Export of petroleum products grew by 53% to $4.3 billion and gems and jewellery by 39% to $2.9 billion. Readymade garments clocked in an expansion of 12.7% with consignments worth $1.1 billion.
However, a few sectors like iron ore, fruits and vegetables, marine products and tobacco showed a decline.
Also Read
Khullar said shipments generally peak in the last quarter of a fiscal which explains moderation in April.
But, he said, uncertainty in Europe and not-too encouraging data about the US economy remain areas of concern.
"I still remain far from sanguine that 2011 will be a good year... It is not going to be an easy summer," he said.
While the Commerce Secretary hoped the April trend would continue, his advice was "hold your horses, lets see where we go".
On Europe, he said, "everybody is worried" because the debt restructuring in some economies will have a domino effect on others. "Until clarity emerges, we will all live in some degree of uncertainty," he said.
Petroleum-oil-lubricant (POL) segment topped the import basket, growing by 7.7% to $10.2 billion for April.
Other major imports were gold and silver-$4.5 billion (60% growth), electronic goods-$2.1 billion (36%) and pearls and stones-2.7 billion (19%).
Exporters' body FIEO said that export numbers would remain robust till June, but impact could be felt after the tax refund Duty Entitlement Passbook Scheme is withdrawn.
FIEO President Ramu S Deora had warned on Tuesday that exports in the current fiscal may come down to less than $200 billion if DEPB is withdrawn.
Make no promise, Khullar rebuffed exporters saying a huge growth in merchandise trade has come not only from the DEPB and that it was a usual habit for exporters to "make noise" whenever a subsidy scheme is about to end.