The Hindu Business Line : Export growth resumes pace in October

AFTER some pronounced slowdown in September 2005, presumably due to the lagged effect of torrential rains that lashed the Mumbai City in August, the country's exports picked up pace as they logged 28 per cent growth in dollar terms during October 2005, with overall export growth during the first seven months of the current fiscal notching up a growth of 22.02 per cent.

Provisional trade data released by the Department of Commerce today show that while exports during October 2005 are valued at $8082.70 million ($6337.53 million in October 2004), the country's cumulative exports for the period April to October 2005-06 are estimated at $51516.87 million which is 22.08 per cent higher than the level of $42200.62 million during Apr-Oct 2004.

Imports during October 2005 are valued at $11367 million representing an increase of 31.69 per cent over the level of imports valued at $8632.05 million in October 2004.

Imports during April-October 2005-06 are valued at $75032.08 million, representing an increase of 33.08 per cent over the level of imports valued at $56381.09 million in April-October 2004-05.

Oil imports during the first seven months of the current fiscal are valued at $24915.06 million which is 44.51 per cent higher than oil imports valued at $17241.58 million in the corresponding months of previous fiscal, reflecting the galloping increase in global crude oil prices.

Non-oil imports during April-October 2005-06 at $50117.02 million is 28.05 per cent higher than the levels of such imports valued at $39139.59 million in the corresponding months of the previous fiscal. The higher non-oil import growth is reflected by the steady rise in industrial production during the first seven months of the current fiscal too.

As imports keep rising relentlessly even as export growth is also on the ascendant, the country's trade deficit during the first seven months of the current fiscal amounted to $23515.21 million, which is higher than the deficit of $14180.47 million during April-October 2004-05.

In rupee terms too, the export growth cumulatively during the first seven months of the current fiscal was 17.37 per cent higher than the value of exports during April-October 2004-05, while imports increased by a hefty 27.89 per cent.

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