Financial Daily from THE HINDU group of publications
Wednesday, Jun 15, 2005
Financial Daily from THE HINDU group of publications Wednesday, Jun 15, 2005 |
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Industry & Economy
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Exports & Imports Exports register 22% growth in May G. Srinivasan
New Delhi , June 14 THE country's exports notched up a growth of 22.28 per cent during May at $7,221.36 million against $5,905.61 million in the corresponding month in 2004. According to provisional trade figures put out by the Directorate General of Commercial Intelligence and Statistics and released by the Department of Commerce here, exports during the first two months of the current fiscal were valued at $13,789.35 million, which is 19.81 per cent higher than $11,509.57 million during April-May 2004. In rupee terms, the exports during May were Rs 31,404.91 crore, a rise of 17.52 per cent, while the cumulative exports during the first two months of the current fiscal were estimated at Rs 60,134.09 crore, a rise of 17.12 per cent. Imports during April-May were valued at $21,002.82 million, representing an increase of 40.91 per cent over the level of imports valued at in April-May 2004. Imports during May alone were valued at $10,843.18 million ($8,004.85 million), an increase of 35.46 per cent. Oil imports during April-May were 35.84 per cent higher at $6,09,107 million ($4,484.13 million). Non-oil imports during April-May are estimated at 4,14,911.75 million ($10,420.87 million), a rise of 43.10 per cent. The trade deficit during the first two months of the current fiscal, as a result of higher imports than exports, shot up to $7,213.47 million ($3,395.43 million). With the export target for the current fiscal pegged at $92 billion in the light of the superior export performance during 2004-05 and the country putting up a salutary performance for the third year in a row, the Commerce Ministry officials are optimistic that the momentum on the export front in the inaugural months of the current fiscal is sustainable.
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