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NEW DELHI, Jan. 1

THE New Year heralds hope for the country's beleaguered export sector as both for November 2001 and the cumulative period April to November 2001, exports growth turned modestly positive, making the revised export target of three per cent for the whole fiscal year within grasp.

Provisional figures put out by the Directorate-General of Commercial Intelligence & Statistics (DGCI&S) show that exports during April-November 2001, estimated at $28,850.81 million, is 0.5 per cent higher than the level of $28,708.14 million in the comparable months of 2000. Exports during November 2001 are valued at $3,722.11 million, 3.29 per cent higher than the level of $3,603.58 million in November 2000.

Senior officials in the Commerce Ministry told Business Line here that the 0.5 per cent growth, though meagre, needs to be viewed against the higher base of 21 per cent export growth the country compassed last fiscal, the highest in a decade. Besides, the modest increase of 3.29 per cent in November 2001 also showed that the aftermath of the September 11 terrorist attack on the US, the single biggest market, has been absorbed.

They said that the positive sign of growth is also indicative of incipient rebound in demand for a quite number of important Indian export products such as chemicals and leather and leather manufactures which would get reflected in the remaining three months of the current fiscal.

The country's imports during April to November 2001 are valued at $34,723.77 million, representing a growth of 1.19 per cent over the level of imports valued at $34,314.48 million in April-November 2000. However, import growth during November 2001 was 10.97 per cent lower than the level at $4,181.34 million, against $4,696.60 million in November 2000.

The tepid import growth is reflective of the equally insipid industrial performance right through the current fiscal, although the oil import bill has been costing less. Oil imports during April to November 2001 are valued at $9,851.06 million, 13.18 per cent lower than oil imports valued at $11,347.13 million in the corresponding period of 2000.

Non-oil imports during April to November 2001 are estimated at $24,872.71 million, 8.3 per cent higher than the level of such imports valued at $22,967.35 million in April-November 2000.

Trade deficit during the first eight months of the current fiscal is estimated at $5,872.96 million, which is higher than the deficit of $5,608.34 million during April to November 2000.

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