June merchandise exports up 25%

The country's merchandise exports in June registered a growth of over 25 per cent at $9.96 billion. According to the provisional trade data released today, high oil import growth of over 56 per cent during June pushed the trade deficit up to $3.79 billion, compared with the final revised figure of $3.27 billion in June 2005.

However, export growth during the first quarter (April-June) was a more modest 16.8 per cent at $27.67 billion, against $23.67 billion for the same period a year ago.

In keeping with the export trends, the commerce and industry ministry has upped its estimate of exports in the current fiscal from $120 billion set in April to $126 billion.

"At this rate, I am confident that India's merchandise exports will touch $126 billion this year, a doubling within just three years," Commerce and Industry Minister Kamal Nath said.

The ministry said the over 25 per cent growth in June was on account of substantial increase in exports of engineering products, petroleum products, basic chemicals, electronic goods, cotton yarn, fabrics, spices, coffee, tobacco, carpets, mica, coal and other minerals, including processed minerals.

India's imports during June were valued at $13.76 billion, an increase of around 22 per cent over the revised figure of $11.24 billion imports in June 2005.

Trade deficit during the month was $3.27 billion. Total imports during April-June 2006 was valued at $40.28 billion "" 17.74 per cent higher than the import level of $34.21 billion during April-June 2005.