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India's exports accelerated
at the
fastest pace in three months in July as companies shipped more gems,
auto parts, medicines and other manufactured products to overseas
markets.
Overseas shipments, which
account for
about 15% of the economy, rose 31.2% to $16.34 billion from a year
earlier, after gaining 23.5% in June, the government has said in a
statement in New Delhi. Imports increased 48.1% to $27.14 billion,
widening the trade deficit to a record $10.8 billion.
India is pursuing trade
agreements with
other countries to boost sales of its goods abroad as accelerating
inflation and slowing growth crimps spending by customers in the US,
Asia's biggest overseas market. Rising exports may help companies
sustain production, which has been hurt by the fastest inflation in
16 years and higher borrowing costs.
“Trade agreements and sales
in the
diverse markets will hold the key to boosting exports in the coming
years,” said Sonal Varma, an economist with Lehman Brothers Inc. in
Mumbai. (Source: Bloomberg)
September 3, 2008
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