New Delhi: The country's exports surged by 81.79 per cent to USD 29.3 billion year-on-year in July despite uncertain economic conditions in the US and Europe.

In July 2010, the shipments stood at USD 16.14 billion.

Imports too jumped by 51.5 per cent to USD 40.4 billion in July against 26.6 billion in the same period last year, leaving a trade deficit of USD 11 billion, the Commerce Ministry said in a statement on Thursday.

Engineering, petroleum products and gems and jewelery exports were worth USD 8.7 billion, USD 4.6 billion and USD 3.5 billion, respectively, in July, the statement said.

Oil imports were valued at USD 11.44 billion, an increase of 37.02 per cent over the same period last year. Non-oil imports too grew by 58.12 per cent to USD 28.98 billion from USD 18.32 billion 7.8 in July 2010.

The overseas shipments in June this year were worth USD 29.2 billion, a robust growth of 46.4 per cent year-on-year.Imports too had grown by 42.4 per cent to USD 36.9 billion.
However, Commerce Secretary Rahul Khullar had recently said that the high export growth rate is unlikely to be sustained in the coming months due to uncertainty in the US and European economies.

"Exports have done well. But my sense is that it (high export growth) is not going to sustain. It is simply not sustainable. We should see immediately August-September growth rates slipping," Khullar had said.

Uncertain economic conditions in the US and Europe are likely to hit global demand. Together, these countries account for about 35 per cent of the country's exports.

During the April-July period, the exports grew by 53.98 per cent to USD 108.34 billion from USD 70.36 billion during the corresponding period previous year.

During the first four months of the fiscal, imports grew by 40 per cent to USD 151 billion. The trade deficit during the period stood at USD 42.6 billion.

During April-July this fiscal, oil imports rose by 22.72 per cent to US 41.97 billion. Non-oil imports up by 48.03 per cent  to USD 109.06 billion from USD 73.68 billion in April - July, 2010-11.

(Agencies)