India's exports continue robust growth

Wednesday, 02 April 2003, 20:30 IST
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India's exports during April-February 2002-03 registered 16.76 percent growth, while February itself saw a 13.51 percent growth pushed by demand from U.S and the European Union.

NEW DELHI: Overseas trade during the 11-month period up to February were valued at $46.07 billion against $39.45 billion during the corresponding period of the previous fiscal. India estimates the total exports for the 2002-03 fiscal was $50 billion, up from $44 billion in the previous year. In rupee terms, exports during the 11-month period were worth 2.23 trillion, 18.83 percent higher than those during April-February 2001-02. Merchandise exports during February were valued at $4.01 billion against $3.53 billion during the same month last year. Targeting 12 percent annual growth to corner one percent global market share with $80 billion worth exports, India is concerned about the uncertainty created by the Iraq war. A prolonged war in Iraq and its adverse effects, particularly on oil prices is expected to impact India's export as the Middle East market is strategically important, accounting for 11 percent of the country's overseas trade. During April-February India imported goods worth $53.86 billion representing an increase of 16.31 percent over the level of imports valued at $46.31 billion in the corresponding period in 2001-02. In rupee terms, the imports increased by 18.46 percent during April-February, 2002-2003. Continued volatility saw India's oil import bill soar to $16.06 billion, which is 26.32 percent higher than imports during the 11-month period last year when it totalled to $12.71 billion. Reflecting a step-up in industrial activity, non-oil imports during April-February 2002-2003 were worth around $37.8 billion, which is 12.52 percent higher than the level of such imports valued at $33.59 billion during the corresponding period in 2001-2002. During February, India's imports were worth $4.45 billion, registering an increase of 18.48 percent over $3.75 billion in the corresponding month last year.
Source: IANS