`Continued growth due to conducive framework of foreign trade policy'

Our Bureau

Trade buoyancy

April-May exports

up 28.35 per cent at $17.70 billion.

April-May imports

up 22.70 per cent at $25.79 billion.

Trade deficit

for April-May 2006 stood higher at $8.08 billion.

New Delhi, June 19

Continuing with its 20 per cent plus growth momentum, the country's exports surged 28.35 per cent in April-May 2006 to $17.70 billion compared to $13.79 billion recorded in the corresponding period last year.

In rupee terms, merchandise exports grew 33.05 per cent to Rs 80,010.50 crore during the first two months of the current fiscal compared to Rs 60,134.09 crore in the corresponding period last year.

In May 2006, merchandise exports recorded 29.59 per cent growth to touch $9.36 billion ($7.22 billion).

In rupee terms, exports during May 2006 stood at Rs 42,492.42 crore, representing a 35.31 per cent increase over Rs 31,404.91 crore during May 2005.

Commenting on the export performance in the first two months of the current fiscal, the Commerce and Industry Minister, Mr Kamal Nath, said that the "continued double-digit 20 per cent plus growth in India's merchandise exports for the third year in succession reflects, among other things, the growing competitiveness of the Indian manufacturing sector and the conducive framework of foreign trade policy".

Import performance

Total imports in the first two months of the current fiscal stood at $25.79 billion, which represented 22.70 per cent increase over $21.02 billion recorded during the corresponding period in the previous year. Imports in May 2006 stood at $13.19 billion ($10.84 billion).

In rupee terms, total imports in April-May 2006 stood at Rs 1,16,522.65 crore, which represents a 27.21 per cent increase over Rs 91,595.27 crore during April-May 2005.

Trade deficit for April-May 2006 stood at $8.08 billion higher than $7.21 billion during April-May 2005.

Oil imports during the first two months of the current fiscal stood at $8.34 billion, which represents 31.34 per cent increase over $6.35 billion recorded in the corresponding period last year.

In May 2006, oil imports stood at $4.15 billion ($3.26 billion).

Non-oil imports

Non-oil imports in the first two months of the current fiscal are estimated at $17.44 billion, which is 19.04 per cent higher than $14.65 billion recorded in the corresponding period last year.

In May 2006, non-oil imports stood at $9.04 billion an increase of 19.26 per cent over $7.58 billion.

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(This article was published in the Business Line print edition dated June 20, 2006)
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