Among key exports during this period, petroleum products, electronic goods and chemicals continued to be higher than a year ago but weaker global demand resulted in a drop in outbound shipments of cotton, engineering goods, iron ore, and gems and jewellery. Within imports, petroleum and crude products saw the sharpest increase with a more than 53% jump, followed by coal and electronic goods. However, imports of gold were down over 11%. Economists have said a high trade deficit is seen as one of key downside risks to Indian economy, which is currently one of the fastest growing among major economies.
Indian Trade Secretary Sunil Barthwal said China's
economic revival will likely benefit Indian exports and it has
also asked some of the government departments to curb imports of
items available locally.
India is also in talks with Reserve Bank of India,
commercial banks and other stakeholders to make rupee trade more
attractive and it is encouraging rupee trade with many countries
including Sri Lanka, Bangladesh and South Africa, Barthwal said.
(Reporting by Sarita Chaganti Singh, writing by Sudipto
Ganguly; Editing by Krishna N. Das and Toby Chopra)
