The Hindu Business Line : Exports in Sept up 17 pc

OVERTAKING the 2004-05 export target of 16 per cent in dollar terms, the country's exports during the first half of the fiscal (April to September) registered a hefty 24.39 per growth at $33,750.1 million, against $27,132.61 million in the corresponding months of 2003.

Provisional trade figures put out by the Directorate of Commercial Intelligence & Statistics (DGCI&S) Kolkata show that the country's exports in the month of September, 2004, the latest available, crossed the $6-billion mark for a single month, logging a growth of 17.39 per cent at $6,198.38 million, against $5,280.13 million in September 2003.

In rupee terms, exports during the first half of the current fiscal fetched Rs 1,53,771.24 crore, against Rs 1,26,164 crore in the corresponding months of 2003-04, while in the month of September, 2004 exports receipts amounted to Rs 28,571.45 crore, against Rs 24,207.86 crore in the corresponding month of 2003.

Officials in the Commerce Ministry are quite optimistic about the export prospects for the remaining months of the current fiscal too, though on the flip side, the unprecedented hike in global crude prices and the associated higher cost this would exact on the import bill made them to temper their expectations with qualified caution.

To compound this caution, the exporting community too is sore over the tax authorities reopening past cases of DEPB (Duty Entitlement Pass Book) scheme benefits to subject them to tax, which had upset the calculations of exporters.

The country's imports during the first half of the current fiscal are estimated at $46,404.29 million, representing an increase of 34.29 per cent over the level of imports valued at $34,554.76 million in April-September 2003-04.

Imports during September 2004 are valued at $8,585.22 million representing an increase of 41.20 per cent over the level of imports valued at $6,080.32 million in September 2003.

The major chunk of import bill was accounted for by oil imports which saw a jump of 57.78 per cent during the first half of the current fiscal at $14,539.29 million, against $9,214.98 million, fuelled by rise in global crude prices which in recent days has pierced the $50 per barrel ceiling.

Non-oil imports during the first half of the 2004-05 fiscal are estimated at $31,865 million which is 25.75 per cent higher than the level of such imports valued at $25,339.78 million in April to September 2003-04.

The high growth in both exports and imports has resulted in a record trade deficit for the first half of the current fiscal, which at $12,654.28 million is running far ahead of the deficit of $7,422.15 million during April-September 2003-04.

More Stories on : Exports & Imports | Economy

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page