Exports up 10.22% in June; high gold imports push trade gap

Exports up 10.22% in June; high gold imports push trade gapNEW DELHI: India’s exports growth remained in double digit for the second month in a row in June at 10.22 per cent but spurt in gold imports marginally pushed the trade deficit to USD 11.76 billion.

Sectors that helped in pushing exports in June include textiles (14.39 per cent), petroleum products (38.3 per cent), engineering (21.57 per cent), leather (15 per cent), marine products (27.49 per cent), oil seeds (44.4 per cent) and tobacco (31 per cent).

Exports in June stood at USD 26.47 billion as compared to USD 24.02 billion in the same month last year.

According to exporters body Fieo, outbound shipments have registered double digit growth on account of improvement in the global demand.

“Demand is improving in advanced as well as in emerging markets. The figure is encouraging and we expect it to continue. This fiscal exports will be better than the previous fiscal,” Fieo President Rafeeq Ahmed said.

Cumulatively, in the April-June period too, exports grew by 9.31 per cent to USD 80.11 billion.

However, the growth in exports during the month under review was low as compared to May when it recorded a growth of 12.4 per cent. Trade deficit too was marginally higher in June as against USD 11.23 billion in May and USD 11.28 billion in June 2013.

After registering a negative growth since October last year, gold imports in June jumped 65.13 per cent to USD 3.12 billion from USD 1.88 billion during the same month last year.

In October 2013, gold imports stood at USD 1.3 billion, registering a growth of 62.5 per cent.

Imports in June too increased by 8.33 per cent year-on-year to USD 38.24 billion, according to the Commerce Ministry data.

The weak rupee is also expected to have a positive impact on exports. The rupee depreciated by 15 paise to 60.27 against the US dollar in early trade today. -PTI

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