The Hindu Business Line : Exports in September up 41 pc

Maintaining the initial bursts of high velocity growth, exports in September went up by 41.19 per cent as compared to the provisional figure for the same month last year. Overall exports during April-September 2006 were up 37 per cent in dollar terms.

Provisional figures compiled by the Department of Commerce based on the data from the Directorate-General of Commercial Intelligence and Statistics show that exports during April-September 2006 amounted to $59.3 billion against $43.2 billion during the corresponding period in 2005. Exports during September 2006 amounted to $10.3 billion ($7.29 billion), reflecting a growth rate of 41.19 per cent. However, if the provisionally revised figure of 2005 September is taken into account, the export growth during September 2006 runs at 21.91 per cent, an official release said. For the first half of 2005-06, the provisionally revised export figure is put at $48.2 billion.

Commenting on the salutary trends in exports, the Minister of Commerce and Industry, Mr Kamal Nath, said that the sustained double-digit growth reveals that India's exports are on a high growth path, particularly in the manufacturing sector and the enhanced export target of $125 billion envisaged for the final year of the Tenth Five-Year Plan would be achieved. This is presumably predicated on a projected growth rate of about 22 per cent over last year's performance.

Senior officials in the Commerce Ministry told Business Line here that the high growth rate of export during the first half of the current fiscal owed itself largely to the robust performance of engineering exports, petroleum products, chemicals and, to some extent, segments of textile exports. They are quite optimistic that with the global demand on the rebound in developed countries, India's high export momentum could be sustained in the months ahead.

Import growth during the first half of 2006-07 was 32 per cent higher than the corresponding months of 2005 at $83.9 billion ($63.5 billion). Imports during September 2006 were valued at $15.6 billion, compared to $10.4 billion showing a growth of 49 per cent. However, if the revised provisional figure for September 2005 is taken into account, imports during September 2005 are estimated at $12.5 billion, making the import growth at 24.76 per cent. For the first half of 2005-06 the provisionally revised import figure is reckoned at $70.5 billion.

Oil and non-oil imports

Oil imports during the first half of the current fiscal are valued at $28.6 billion, which was 36.83 per cent higher than such imports estimated at $20.9 billion in the corresponding period last year. Oil imports in September 2006 are estimated at $5.09 billion ($4.04 billion).

Non-oil imports during April-September 2006 are valued at $55.2 billion, which was 10.98 per cent higher than the level of such imports valued at $49.7 billion in April-September 2005. Non-oil imports were valued at $10.5 billion during September 2006, which were 24.28 per cent higher than the growth rate of $8.48 billion in September 2005.

The trade deficit during the first half of the current financial year rose to $24.6 billion, which was higher than the deficit of $20.3 billion during April-September 2005-06.

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Exports in September up 41 pc