Exports clock 13% growth in June

With a sharp rise over the four per cent growth witnessed in the month of May, it is also likely that the export growth target of 12 per cent for this fiscal will remain within the achievable limit.

According to provisional trade data released by the Ministry of Commerce and industry on Thursday, imports during the month also increased by close to 11 per cent at $4.44 billion against $4.01 billion in June 2001.

The market sources said that due to recovery in the US and European market, demand for garments, gem and jewellery has picked up considerably and they have witnessed higher exports in the first quarter of the current fiscal.

The double digit growth in exports helped reduce the trade deficit to $365.72 million compared to $405.16 million in June 2001. While the trade deficit for the first quarter was estimated at $1.66 billion which is lower than the deficit of $2.42 billion during April-June 2001-02, the release added.

India’s imports during April to June, 2002-03 are valued at $13.19 billion representing an increase of 3.17 per cent over the level of imports valued at $12.78 million in April-June, 2001-02.