Merchandise exports posted a healthy 30.4 per cent growth in June at $17.75 billion, taking the first quarter shipments to over $50 billion.
Outbound shipments were $13.6 billion in June 2009. In the quarter to June 2010, exports stood at $50.77 billion, registering a growth of 32.2 per cent over the year-ago period, government data released said.
The June import bill, too, jumped to $28.29 billion, up 23 per cent taking the monthly trade gap to $10.5 billion.
Oil imports in June went up 26.5 per cent at $8.35 billion year on year, while non-oil imports were valued at $19.94, up 21.5 per cent y-o-y.
Though on a low base, in May exports had posted an impressive 35.1 per cent growth at $16.1 billion. However, economic trouble in some European countries remain an area of concern among exporters.
"While both the World Trade Orgainsation and the International Monetary Fund have revised their projections about world trade, the European (debt) crisis remains a cause of worry," Federation of Indian Export Organisation director general Ajay Sahai said.
The EU accounts for about 20 per cent of the country's exports. While a sector-wise exports data are yet to be released, an official said.
Segments that have shown robust growth include engineering items (90 per cent), petroleum and oil products (66 per cent), gems & jewellery (24 per cent) and chemicals (41 per cent).
However, exports of garments contracted by 14 per cent in the month. Last month, the Prime Minister's Economic Advisory Council had said it expected exports to touch $216 billion this fiscal.
The Commerce Ministry had set a target of $200 billion, against $182 billion achieved last fiscal. Global trade has seen recovery in 2010 and the outlook looks bright.
The International Monetary Fund has projected that exports, at constant price, from the emerging and developing economies will rise by 10.5 per cent in 2010. Exports from the advanced economies are also expected to rise by 8.2 per cent.
In March, the WTO projected global trade would grow by 9.5 per cent (at constant prices) this year. Official data show that in the April-June quarter, imports grew by 34.2 per cent to $83 billion, taking trade deficit to $32.26 billion.
