India's Q1 trade deficit up at $32.2 billion news.

India's trade deficit rose to $32.2 billion in the first quarter of the current financial year (April-June 2010) with imports rising 34 per cent to $83 billion, even as exports from the country rose 32.2 per cent to $50.8 billion.

Exports from the country grew 30.4 per cent in June 2010 to $17.75 billion compared with $13.5 billion in June 2009, commerce secretary Rahul Khuller said a press interaction in New Delhi on Tuesday.

India's imports in June, on the other hand, rose 23 per cent to $28.3 billion. Oil imports were up 25 per cent in June.

Engineering exports recorded the highest rate of growth of 90 per cent in June followed by petroleum and oil products (66 per cent), gems and jewellery (24 per cent) and chemicals (41 per cent).

India's engineering exports vaulted 90 per cent year-on-year in June to $5.1 billion despite a fall in demand in the European markets in the wake of the financial crisis there. For the first quarter of the current fiscal, engineering exports rose 45 per cent year-on-year.

This has been due mainly to a revival in the US market although demand in the European markets were depressed, reports quoting Engineering Export Promotion Council executive director R Maitra said.

Source : domain-b.com