India's exports to Europe rise 16%, imports up 29% in 2011-12.

NEW DELHI: India's exports to European countries increased by nearly 16 per cent to $57.7 billion during the previous financial year (2011-12), while the imports increased by close to 29 per cent year-on-year to $91.5 billion.

The exports to Europe in 2010-11 stood at $49.86 billion, while imports were at $71 billion, as informed by the Minister of State for Commerce and Industry Jyotiraditya Scindia in a written reply to the Rajya Sabha.

Both the US and Europe account for about 30 per cent of the country's total exports.

Reasoning the decline in India's exports, the minister said, “The global factors include the crisis in the euro-zone and the near-recessionary conditions prevailing in Europe; sluggish growth in several industrialised economies including the US; hardening international prices of crude oil.”

Besides, some other domestic factors like tightening of monetary policy in attempts to control inflation resulted in the slowing down of investment and growth, primarily in the industrial sector.

In June this year, India's export growth dropped 5.45 per cent for the second month in a row to $25 billion.

The government may soon notify the Trademarks rules made under the Trademarks (Amendment) Act  2010, Scindia said.

Source : news.indiamart.com