Indian exports record slower growth than expected

Wednesday, 03 December 2003, 20:30 IST
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NEW DELHI: The hardening of the Indian rupee against the dollar has led to further slowing down of merchandise exports, which registered 5.07 percent growth in October against 25.05 percent in the corresponding month last year. For the seven-month period from April-October, exports registered 8.44 percent growth as against 19.13 percent in the corresponding period last year, according to data released Tuesday by the commerce ministry. To corner one percent of global growth by 2007, up from 0.8 percent currently, India is targeting 12 percent annual growth in exports. India's exports during April-October were valued at $32.09 billion as against $29.59 billion during the corresponding period last year. In rupee terms, exports during the seven-month period were worth 149 trillion, 3.15 percent higher than the value of overseas trade during the corresponding period last year. In October, India's exports were valued at $4.88 billion, 5.07 percent higher than the level of $4.65 billion in the corresponding month last year. In rupee terms, exports in October were worth 221.7 billion, or 1.42 percent lower than the value of exports during the same month last year. Indian exports have shown slower growth this year, but imports grew 21.46 percent to $41.36 billion during April-October as against $34.05 billion in the seven-month period last year. In rupee terms, imports have increased 15.56 percent from 1.66 trillion during April-October 2002 to 1.92 trillion. Volatility in global crude oil prices has led to India's oil import bill going up 6.48 percent to $10.87 billion during the seven-month period as against $10.2 billion during April-October 2002. Non-oil imports during April-October were estimated at $30.49 billion, 27.88 percent higher than the level of such imports valued at $23.85 billion in the corresponding period this year. Imports during October were valued at $6.91 billion, representing an increase of 23.47 percent over the level of imports valued at $5.59 billion in the corresponding month last year. In rupee terms, imports increased by 15.85 percent during October. India's trade deficit for April-October is estimated at $9.27 billion, higher than the deficit of $4.46 billion during the April-October period, the commerce ministry said.
Source: IANS