The Hindu Business Line : Exports post 8 pc growth in February

THE country's trade deficit during the first 11 months of the current fiscal zoomed to an unprecedented $23.8 billion as compared to the corresponding months of the previous fiscal, fuelled by a high export growth and a relatively higher import growth with the latter aggravated by wild swings in imported crude oil prices during the period under review.

According to provisional trade figures put out by the Directorate of Commercial Intelligence & Statistics, Kolkata, the country's exports during April-February 2004-05 are estimated at $69,798.26 million, which is 27.03 per cent higher than the level of $54,946.43 million during Apr-Feb 2003-04. Imports during the period under review are valued at $93,628.82 million, which is an increase of 36.33 per cent over the level of imports valued at $68,675.59 million in Apr-Feb 2003-04.

As a result of imports outrunning exports, the consequent trade deficit has shot up from a level of $13,729.16 million in Apr-Feb 2002-03 to a whopping $23,830.56 million in Apr-Feb 2004-05.

While exports during February 2005 are valued at $6,711.05 million over the level of $6,213.35 million in February 2004 logging a growth of 8.01 per cent, imports during February 2004 at $9,341.08 million showed a substantial increase of 38.64 per cent over the level of imports valued at $6,737/79 million in February 2004.

Commerce Ministry officials contend that the top 10 products of exports pushing up the growth include engineering goods, chemicals and related products, agriculture and allied products, gems and jewellery, petroleum products, ores and minerals, leather and manufactures, electronic goods, textiles and marine products.

They said that one of the strategies unveiled in the Foreign Trade Policy of August 2004 was to accord special thrust to agriculture, handlooms, handicrafts, gems and jewellery and leather sectors and this had paid ample dividend in the form of accelerated growth in these sub-sects.

On the import side, there has been a distinct spurt in non-oil imports during Apr-Feb 2004-05, which at $66,977.17million was 33.36 per cent higher than the level of such imports valued at $50,224.66 million in Apr-Feb 2003-04.

While this helped fuel the incipient industrial recovery during the period under review as industrial growth crossed 8 per cent during the first half of the current fiscal, oil imports too recorded massive growth, pushed by high global crude prices and a relentless rise in domestic consumption.

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