India's Export Grows 56.9% To US$25.9B in May 2011: Commerce Secretary .

India's exports have registered a growth of 56.9% during May 2011, at US $ 25.9 billion.  Rahul Khullar, Commerce Secretary, informed that during the period April-May 2011, exports have reached a level of US $ 49.8 billion - a growth of 45.3% while the imports were US $ 73.7 billion - a growth of 33.3% and a trade deficit of US $ 23.9 billion, during the same period.

During April-May 2011 the engineering sector registered a growth of 115 percent at US $ 14.7 billion followed by electronics at 80 percent (US $ 1.83 billion).

Khullar informed that India’s imports in May 2011 were US $ 40.9 billion. He further clarified that the import figures are only the rough estimates and the final figure is subject to change. Balance of trade for the month of May 2011 stood at – 15 billion US dollar.

As regards imports during April-May 2011, the growth estimates for the machinery sector is 46.7% (US $ 5.9 billion) and Iron & steel is -13% (US $ 1.8 billion).

Rahul Khullar expressed happiness over the export performance, which is all time high, at the same time he was concerned about the surge in imports. He stated that exports of iron ore, Fruits & vegetables and tobacco are on the negative growth because of ban on exports on these sectors.

Source : machinist.in