The Hindu Business Line : Exports rise 26 pc in November

CONTINUING its consistent good run, the country's exports grew by 25.91 per cent in dollar terms in November with the cumulative export growth for the period April-November, 2004 logging a robust 24.02 per cent at $46,393.61 million than the level of $37,406.93 million during the corresponding months of 2003.

Provisional foreign trade data based on Directorate General of Commercial Intelligence & Statistics (DGCI&S), Kolkata released by the Department of Commerce here said that exports during November 2004 amounted to $6,097.29 million, which is higher than the level of $4,842.61 million during November 2003.

Imports during November 2004 are valued at $9,042.91 million, an increase of 43.12 per cent over the level of imports valued at $6,318.30 million in November 2003. Cumulatively, imports during April to November 2004 are valued at $64,265.79 million, an increase of 34.47 per cent over the level of $47,790.74 million in April to November, 2003.

As a result of high export and import growth during the period under review, the country's trade deficit too shot up from $10,383.81 million during April to November 2003 to a whopping $17,872.18 million in the corresponding months of the current fiscal.

Oil imports during April-November 2004 are valued at $19,944.51 million, which is 55.79 per cent higher than oil imports valued at $12,801.84 million in the corresponding period last year.

Non-oil imports are estimated at $44,321.28 million, which is 26.67 per cent higher than the level of $34,988.90 million in April-November 2003.

A particularly noteworthy feature on the import front is that out of the country's import bill of $64 billion during April-November 2004, as much as $20 billion alone was accounted for by petroleum and products imports.

The Union Commerce and Industry Minister, Mr Kamal Nath, at a review meeting here on December 11 also drew attention to this phenomenon when he said that "it is clear that if not for the high cost of petroleum, we would not have had a negative balance of trade. Fortunately, this negative balance of trade in goods is more than compensated by our services exports."