The Hindu Business Line : Exports up 18.81 per cent in July

THE country's exports during July grew by 18.81 per cent in dollar terms over the corresponding month in 2003, with cumulative export during the first four months of the current fiscal registering a handsome 25.57 per cent growth, way ahead of the target of 16 per cent set for the current fiscal.

According to provisional foreign trade figures provided by the Directorate of Commercial Intelligence & Statistics (DGCI&S), Kolkata, the country's exports during July are valued at $5,433.04 million, which is 18.81 per cent higher than the level of $4,572.89 million during July 2003. Cumulatively, exports during April to July, 2004 at $21,931.10 million is 25.57 per cent higher than the level of $17,465.80 million during April to July 2003. This is over and above the 4.82 per cent export growth in April-July 2003-04 over April-July 2002-03.

The country's imports during July are valued at $7,437.27 million, representing an increase of 31.60 per cent over the level of $5,651.62 million in July 2003. Cumulatively, the country's imports during April-July 2004-05 are valued at $3,0457.28 million, representing an increase of 33.48 per cent over the level of imports valued at $22,818.03 million in April-July 2003-04.

Oil imports during the period under review are estimated at $9,900.03 million which is 61.90 per cent higher than oil imports valued at $6,114.92 million in April-July 2003, reflecting the sudden spurt in international crude prices in recent months.

TheNational Council of Applied Economic Research has said that relentless rise in crude prices might cause the import bill to escalate as India imports over two-thirds of its nearly 111 million tonnes of oil requirement.

It said that despite build-up of strategic oil reserves equivalent to 15 days requirement and pursuit of overseas oilfield acquisitions by national oil companies, the rising global oil prices continue to be "a matter of concern for this fiscal".

Non-oil imports during April-July 2004 are estimated at $20,557.25 million, which are 23.07 per cent higher than the level of such imports valued at $16,703.11 million in April to July 2003-04.

As a result of relatively high import growth and a reasonably salutary export growth, the country's trade deficit zoomed to a level of $8,526.18 million during the first four months of the current fiscal, against $5,352.33 million during April-July 2003-04.

Commerce Ministry officials attribute the good showing in export to an across-the-board better performance by traditional export products, fuelled by recovery in the global economy and hardening of commodity prices benefiting agriculture and allied products exports to a limited extent. They say that after slipping 1.6 per cent in dollar terms in 2001-02, the country's exports rose 20.3 per cent in 2002-03 and a further 17.3 per cent last year.

Trade analysts, however, contend that unlike 2002-03 when the export surge could be ascribed to higher volumes, exports in 2003-04 mainly rode on a spurt in dollar prices of goods. This growth continues to be robust in the current fiscal too, rising 25.57 per cent in April-July 2004.

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