The Hindu Business Line : Exports maintain tempo, grow 9 pc in January

CONTINUING its high growth momentum, the country's export posted a growth of 9 per cent during January in dollar terms with the overall export growth during the first 10 months of the current fiscal running slightly ahead of the target rate at 12.83 per cent.

The provisional trade data compiled by the Directorate General of Commercial Intelligence and Statistics (DGCI&S) Kolkata and released by the Commerce Ministry on Monday showed that exports during January 2004 are valued at $5,117.86 million, which is 8.74 per cent higher than the level of $4,706.69 million during January 2003.

Exports during April-January 2003-04 are valued at $47,502.50 million, which is 12.83 per cent higher than the level of $42,100.55 million during April-January 2002-03.

In rupee terms, exports in January 2004 were Rs 23,263.57 crore, which is 3.12 per cent higher than the value of exports during January 2003 and overall exports during the first 10 months of the current fiscal at Rs 2,18,825.93 crore is 7.11 per cent higher than the level of Rs 2,04,299 crore in the corresponding months of 2002-03.

Officials in the Commerce Ministry said that the buoyant trend distinctly noticeable during the current fiscal, despite creeping appreciation of the rupee vis-à-vis the dollar in which most of the export proceeds are denominated, could be ascribable to the exceptionally high growth in engineering goods exports and also the robust growth in gem and jewellery exports.

The festival season in the western markets particularly during Christmas and New Year eve contributed to an exceptionally high export growth of 40 per cent during December 2004, they said. Imports during January 2004 are valued at $6,579.72 million representing an increase of 18.11 per cent over the level of imports at $5,570.97 million in January 2003. In rupee terms, the imports increased 12 per cent.

Imports during April-January 2003-04 are valued at $61,932.02 million representing an increase of 24.70 per cent over the level valued at $49,667.14 million in April-January 2002-03. In rupee terms, the imports have increased to Rs 2,85,305.14 crore from Rs 2,40,965.45 crore, showing a growth of 18.40 per cent.

Oil imports during the period under review are valued at Rs 16,643.08 million which is 15.91 per cent higher than oil imports valued at $14,358.62 million in the corresponding period last year. Non-oil imports during April-January 2003-04 are estimated at $45,289.94 million, which is 28.27 per cent higher than the level of such imports valued at $35,308.52 million in April-January 2002-03.

The trade deficit during the period April to January 2004 is estimated at a whopping $14,430.52 million, which is higher than the deficit at $7,566.59 million during April 2002 to January 2003.