The Hindu Business Line : Exports register 35% growth at $14.2 billion in February

New Delhi, April 1 The country’s exports clocked a 35 per cent growth in February 2008 with the cumulative export growth during the first 11 months of just-ended fiscal 2007-08 showing a robust growth close to 23 per cent in dollar terms, against heavy odds the exporters confronted throughout the year due to the unrelenting rise in the value of rupee.

Provisional trade data released by the Directorate-General of Commercial Intelligence & Statistics (DGCI&S) show that the country’s exports during February 2008 were estimated at $14.2 billion, against $10.5 billion in the corresponding month of 2007.

Cumulative value of exports during April-February 2007-08 amounted to $138.4 billion ($112.6 billion), making the target of $160 billion for the whole fiscal somewhat on the high side. At best, exporters say that the final month export figure could at best be $14-15 billion which itself would be a tall order.

Interestingly, while the export growth in rupee terms during February 2008 was 21.7 per cent, cumulative export growth during the first 11 months of the fiscal 2007-08 was in single digit at close to 9 per cent. The reason for this pronouncedly tepid export growth in rupee terms was ascribed to the persistent rise in the rupee value vis-À-vis the US dollars, against which most of the country’s export receipts are denominated.

Senior officials of the Commerce Ministry concede that export growth throughout the fiscal 2007-08 was coterminous with the escalating metal and commodity prices worldwide and they cited the case of crude oil, steel and gold.

The uninterrupted uptrend in commodity prices to a great extent boosted the export price of the country’s petroleum products, gem and jewellery and engineering products.

Imports up 30%

Imports during February 2008 at $18.4 billion was 30.53 per cent higher than the level of imports valued at $14.1 billion in February 2007, while cumulative import during April-February 2007-08 at $210.9 billion was 30.21 per cent higher than $161.9 billion in the corresponding months of 2006-07.

Oil imports during February 2008 at $6.2 billion was 39.52 per cent higher than the imports of $4.5 billion in February 2007, while cumulative oil imports at $66 billion during the first 11 months of last fiscal was 26.81 per cent higher than the imports of $52 billion recorded during the corresponding months of 2006-07.

Non-oil imports in February 2008 at $12.1 billion was 26.35 per cent higher than $9.6 billion in February 2007, while the cumulative import of non-oil during April-February 2007-08 at $144.8 billion was 31.83 per cent higher than the level of such imports at $109.9 billion.

The high growth in exports and higher growth in imports during the first 11 months of the fiscal 2007-08 saw a huge jump in the trade deficit at $72.5 billion, against $49.3 billion in the corresponding months of 2006-07.

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