The Hindu Business Line : Export growth in Oct slows down to 19 pc

The Commerce Ministry officials say the contributions of traditional and unconventional export items would continue to buoy the trends in the remaining months of the current fiscal.

New Delhi , Nov. 28

After clocking a hefty 41.2 per cent growth in dollar terms in September 2006, the country's exports slowed down to 19.03 per cent in October, though cumulative performance during April to October 2006 showed 34.96 per cent growth.

According to provisional figures compiled by the Directorate General of Commercial Intelligence & Statistics and released by the Department of Commerce here, the country's exports during October 2006 fetched $9.6 billion compared with $8.08 billion in October 2005.

Revised figures

However, if the provisionally revised figure for October 2005 is reckoned, which is put at $8.64 billion, the export growth slowed down further to 11.35 per cent. Cumulatively, exports during the first seven months of the current fiscal at $69.5 billion, compared with $51.5 billion in the corresponding months of 2005-06 show that exports grew by 34.96 per cent.

The provisionally revised export figure for 2005-06 April to October was $56.92 billion. The Commerce Ministry officials are quite bullish that with the first seven months export growth cruising on a high growth trajectory, the contributions of traditional export items such as engineering, chemicals and textiles and unconventional export items such as petroleum and products would continue to buoy up the trends in the remaining months of the current fiscal.

While export growth during October 2006 decelerated, import growth was 39.25 per cent at $15.82 billion, compared with $11.36 billion in October 2005. The high global crude oil prices were also partly responsible for the rise in import bill.

Import Growth

Cumulatively, imports during April to October 2006 at $99.75 billion compared with $75.03 billion in the corresponding months of 2005 showed a growth of 32.95 per cent. The provisionally revised import growth for April-October 2005 amounted to $11.57 billion.

Crude oil imports were estimated at $5.34 billion in October 2006, compared with $3.44 billion in the corresponding month of the previous year, showing a growth of 55.35 per cent with attendant adverse impact on import growth.

Cumulatively too, oil imports during April-October 2006 at $34.01 billion, compared with $24.38 billion showed 39.45 per cent growth.

Non-oil imports were estimated at $10.48 billion during October 2006, which was 28.92 per cent higher than growth on non-oil imports valued at $81.31 billion in October 2005. Non-oil imports during April-October 2006 at $65.74 billion compared with $57.92 billion in April-October 2005 revealed a 13.5 per cent growth.

The high export growth accompanied by higher import growth during the period April to October 2006 showed itself up in the trade balance. As a result, the country's trade deficit during the period was $30.23 billion, compared with $23.51 billion in the corresponding months of 2005.

More Stories on : Exports & Imports | Economy

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Bird flu outbreak may hit soya

Winter prompts first frost alert in north

Hyderabad set to quadruple IT infrastructure within 3 years

Decision on petrol, diesel price cut likely today

Steel cos may cut prices in December

Wipro to scale up size of acquisitions

Experts bullish on gold

Indices down on weak global markets

Exide Ind gains on insurance foray

Apollo Hospitals turns active

`Lower phone tariffs for dial-up users'

`Govt must do away with cash flow statements in I-T forms'

Chennai next on Reliance Retail radar

Export growth in Oct slows down to 19 pc