Helped by an impressive 46.4 per cent rise in June, exports grew by a hefty 45.7 per cent in the first quarter of the current fiscal despite uncertainties in the US and European markets. The merchandise exports aggregated $29.2 billion in June, showing 46.4 per cent growth year-on-year. During April-June quarter, the shipments grew by 45.7 per cent to $79 billion.
"Exports are steady. They are growing satisfactorily," Commerce and Industry Minister Anand Sharma told reporters here after the release of trade data.
Though most of the sectors posted robust expansion, be it petroleum products, ready-made garments, engineering or pharmaceuticals, Commerce Secretary Rahul Khullar cautioned saying that news from the largest two markets-- the US and Europe -- "is far from cheerful...Summer is not over. It is still not going to be easy".
The US and Europe together account for about 35 per cent of the country's exports, which stood at $246 billion in 2010-11.
Sharma is looking 25 per cent growth annually so that exports touch $500 billion in 2013-14.
Imports too increased by 36.2 per cent to $110.6 billion, led by $30.5 billion petroleum products, in April-June quarter.
Though imports grew by 42.4 per cent to $36.9 billion in June, the trade deficit of $7.7 billion was almost half of $14.9 billion in May, lessening concerns over the country's balance of payment situation.
"Higher imports growth reflects that industry is using imports to fulfill domestic demand," Ficci Secretary General Rajiv Kumar said.
