The Hindu Business Line : Exports in June post 34 pc growth

CRUISING on the crest of a pickup in global economy in general and international trade in particular, India's exports during June 2004 notched up a higher growth of 34.32 per cent compared to the corresponding month in 2003. First quarter export in the current fiscal has shown a growth rate of close to 28 per cent in dollar terms.

Provisional figures of foreign trade data based on figures compiled by the Directorate-General of Commercial Intelligence and Statistics (DGCI&S) Kolkata, and released by the Department of Commerce here show that the country's exports during June 2004 are valued at $5,674.87 million, against $4,224.87 million in June 2003. This is higher than the 6.60 per cent export growth recorded in June 2003 over June 2002.

Exports during April-June 2004-05 are valued at $16,498.06 million, which is 27.96 per cent higher than $12,892.91 million during April-June 2003-04. In rupee terms, exports were Rs 74,139.12 crore during the first quarter of the current fiscal, which is 22.21 per cent higher than that during April-June 2003-04.

Officials in the Commerce Ministry attribute this export performance to the rebound in demand for several products across the board, particularly in the booming markets of the US . The exporters association told Business Line that specifically, India's traditional export items such as gem and jewellery and textiles have been doing exceedingly well in recent months.

Imports during the first quarter of the current fiscal at $22,434.16 million represented an increase of 30.69 per cent from $17,166.42 million in April-June 2003-04. Imports during June 2004 were valued at $7,942.68 million, an increase of 43.02 per cent from $5,553.50 million in June 2003.

As both exports and imports have been running at a higher gear, the country's trade deficit during the quarter under review has shot up to $5,936.10 million from $4,273.51 million recorded in the corresponding period in 2003-04.

On the import front, oil imports during the first quarter of the current fiscal are estimated at $6,622.05 million, which is 44.69 per cent higher than the oil imports valued at $4,576.74 million in the corresponding period last year. Non-oil imports in April-June 2004 are estimated at $15,812.11 million, which is 25.60 per cent higher than $12,589.50 million recorded in June 2003.

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