The Hindu Business Line : Exports post 14 pc growth in Nov; import surge continues

THE country's exports gained renewed momentum with export growth notching up a two-digit growth of close to 14 per cent in dollar terms in November 2003, even as the aggregate export growth during the first eight months of the current fiscal is hovering around 9 per cent, three percentage points below the 12 per cent target for 2003-04.

Provisional trade figures based on statistics compiled by the Directorate General of Commercial Intelligence & Statistics, Kolkata, show that India's exports during November 2003 are valued at $4494.28 million, against $3951.47 million in the corresponding month of 2002.

Cumulatively, exports during April to November 2003 are valued at $36502.74 million, which is 8.81 per cent higher than the level of $33546.66 million during Apr-Nov 2002.

While the country's export growth in dollar terms appears to have rebounded, in rupee terms the growth both in November 2003 as also cumulatively at 7.30 per cent and 3.39 per cent respectively over the corresponding periods speaks volume of the creeping appreciation of the rupee vis-à-vis the dollar and the adverse impact it has had on the exporters. In fact, exporters have been crying hoarse over the past few months that the hardening of the rupee could impact heavily on the export if the authorities, particularly the Ministry of Commerce failed to convincingly take up the matter with the Ministry of Finance to bail out the exporters from the currency fluctuations.

The country's imports, on the other hand, have been growing up phenomenally with imports in November 2003 being estimated at $6412.80 million, representing an increase of 26.45 per cent over the level of imports valued at $5071.58 million in November 2002. Cumulatively too, the country's imports during April to November 2003 are valued at $47718.48 million representing an increase of 21.97 per cent over the level of imports valued at $39124.25 million in April-November 2002.

Oil imports during the first eight months of the current fiscal are valued at $12796/13 million, which is 12.41 per cent higher than oil imports valued at $11383.78 million in the corresponding months of last fiscal. Non-oil imports during April-November 2003 are estimated at $34922.35 million and this is 25.89 per cent higher than the level of such imports valued at $27740.47 million in the corresponding months of the previous fiscal. Officials in the Commerce Ministry contend that the higher growth in imports, particularly capital goods and other export-related imports for production and trade, also would get reflected in the higher manufacturing sector growth likely to take place this year.

The relatively modest growth in exports and the whopping import growth during the first eight months of the current fiscal together got echoed in the huge trade deficit registered during the period under review. The trade deficit for April-Nov 2003 is estimated at $11215.74 million, which is more than double the $5577.59 million during the corresponding months of 2002.

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