| Date: |
02-07-2010 |
| Subject: |
India's export rise by 35% |
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There is some good news from the export sector. As per the latest figure released, India's export for seven straight months ending in May, has grown by 35 per cent on an annual basis. The total value of exports was $16.1 billion.
The data was released in Thursday.
It is important since the current account deficit in India has gone up and the major reason behind this was the increase in the trade deficit which means that while on one hand the import value increased, on the other the exports too had decreased.
At present the trade deficit in India is $11.3 billion for the period of April-May exports or the first two months of the current fiscal year.
As for the imports, it went up by 38.5 per cent to end at $27.4 billion. The biggest contributors in this list were the oil imports that became 66.7 per cent of the total import and costed $8.84 billion.
Talking about this the Commerce Secretary, Rahul Khuller said that the export in the field of iron-ore, oil and leather goods has picked up substantially. He added that low rate of shipment affected the rate of growth of exports.
Source : Stock Watch
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