core sector communique

Export Grows 56.9% at US $ 25.9 Billion in May 2011: Commerce Secretary 

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

On the export growth, Shri Khullar expressed happiness over the export performance which is all time high at the same time he was concerned about the surge in imports.

During April-May 2011, the following sectors have done well viz., engineering, 115% (US $ 14.7 billion); Gems & Jewellery, 23% (5.7 billion US $); petroleum & oil products, 64% (US $ 8.8 billion); cotton yarn & made-ups, 10.4% (US $ 1.04 billion); electronics, 80% (US $ 1.83 billion) and Marine products, 15.8% (0.4 billion).

Interacting with the media persons, Shri Khullar stated that exports of iron ore, Fruits & vegetables and tobacco are on the negative growth because of ban on exports on these sectors.

As regards imports during April-May 2011, the growth estimates on the following sectors are: POL, 12.9% (US $ 20.3 billion); pearls & precious stones, 24.6% (US $ 5.2 billion); gold & silver, 222% (US $ 13.5 billion); Iron & steel, -13% (US $ 1.8 billion) and machinery, 46.7% (US $ 5.9 billion) .