Financial Daily from THE HINDU group of publications
Wednesday, Dec 03, 2003
Financial Daily from THE HINDU group of publications Wednesday, Dec 03, 2003 |
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Exports & Imports Industry & Economy - Exports & Imports April-Oct trade deficit zooms Our Bureau
New Delhi , Dec. 2 EXPORTS registered a modest growth of 5.07 per cent in dollar terms but imports shot up by 23 per cent in October, according to the latest official figures. Cumulatively too, export growth during the April-October period was up by 8.44 per cent compared to the corresponding previous period, while imports were up by 25 per cent. As a result, trade deficit rose from $4,447.9 million to $9,269.24 million. Exports in October were at $4,884.66 million, 5.07 per cent higher than $4,649.16 million earlier, while imports amounted to $6,905.70 million, an increase of 23.47 per cent over $5,593.07 million earlier. Overall, exports during April-October were at $32,092.42 million, 8.44 per cent higher than $29,595.19 million earlier. Imports were valued at $41,361.66 million, an increase of 21.46 per cent over $34,052.68 million. Oil imports were at $10,867.64 million, 6.48 per cent higher than $10,206.48 million during the corresponding previous period. Non-oil imports have been estimated at $30,494.02 million, 27.88 per cent higher than $23,846.20 million. Commerce Ministry Officials said that export growth would pick up pace in the remaining months of the current fiscal, gaining momentum from December onwards. They added that the trend rate of 8.44 per cent growth should be seen in the context of the high 19.13 per cent export growth during April-October 2002 over the corresponding previous period. The steep increase in non-oil imports has to be viewed in the context of the spillover effect on export-related imports and general revival of industrial sector, and manufacturing in particular. The rise in import bill of petroleum, crude and products might have more to do with global hardening of crude prices than any abrupt spurt in domestic consumption of these products, they added. The officials said that as the latest bi-annual world economic outlook of the Organisation for Economic Co-operation and Development has forecast rebound in demand in industrial countries, the promised recovery might yet emerge in the remaining period of the current fiscal and spread over to the next year too, kindling hope for greater demand for exports.
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