India's exports surge over 34 percent in December

Monday, 03 February 2003, 20:30 IST
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NEW DELHI: India's exports surged 34.30 percent to $4.36 billion in December compared to $3.25 billion in the same month of the previous fiscal, according to data released Saturday by commerce ministry. Targeting 12 percent export growth during 2002-03 fiscal ending March 31, India's overseas merchandise trade has witnessed 20.35 percent growth during April-December with a total worth $38.11 billion compared to $31.67 billion in the corresponding period of the 2001-02 fiscal. The spectre of an attack on Iraq has raised fears among exporters of a possible disruption in trade in the months ahead. This may impact India's growth target of cornering one percent of global trade by 2007, up from 0.67 percent currently. The government has estimated that a year-on-year compound growth of at least 11 percent is required to boost India's exports to the desired level. During 2001-02, India's exports witnessed marginal setback following 9/11 developments. This year, despite slow global economic recovery, the trade has been robust. In rupee terms, the growth in exports during December was 34.92 percent higher with a total of 21.01 billion. During the first nine-months of the fiscal exports stood at 185.21 billion, a rise of 23.38 percent over the corresponding period in the previous year. Higher crude oil prices, at over $29 per barrel, saw India's total imports bill rise 24.37 percent to $5.07 billion in December from $4.08 billion in the same month the previous year. During the nine-month period from April-December, the total oil imports were valued at $12.84 billion, which is 19.54 percent higher than in the pervious year for the corresponding period when it was $10.74 billion. Non-oil imports during April-December were $31.04 billion, which is 12.59 percent higher than the $27.57 billion in the corresponding period in the last fiscal. A healthy growth in the manufacturing sector despite widespread impact of a poor summer monsoon and drought has helped to boost demand this year. India's trade deficit for April-December has reduced to $5.77 billion from $6.64 billion in the corresponding period in the last fiscal.
Source: IANS