India's exports rise 19.95 percent in April
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India's exports rise 19.95 percent in April

Wednesday, 26 May 2004, 07:00 Hrs
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NEW DELHI: The 2004-05 fiscal has begun on an upbeat note for India with exports rising 19.95 percent in April over the same period last year.

Exports during the fiscal 2004-05 rose to $5.01 billion in April, which is 19.95 percent higher than the level of $4.18 billion during April 2003, the commerce ministry stated.

In rupee terms, the exports during the first month of the fiscal were worth 220.1 billion, which is 11.23 percent higher than the value of exports during the corresponding month last year.

Belying fears of appreciating rupee pulling down overseas trade, Indian exports notched 17.26 percent growth in 2003-04 to cross $61 billion, up from $52.74 billion the previous year.

The export growth last year was far above the target of 12 percent, taking India closer to achieving its aim of garnering one percent of global trade by 2007.

India's imports during April were valued at $6.75 billion, representing an increase of 20.78 percent over $5.59 billion in the corresponding period last year.

In rupee terms the imports increased by 12.0 percent, marking a continuation of the trend witnessed last year.

With global oil prices continuing their bullish trend of over $40 per barrel, import-dependent India's bill during April was $2.20 billion, which is 51.37 percent higher than oil imports worth $1.45 billion in the corresponding period last year.

Non-oil imports during April are estimated at $4.55 billion, which is 10.02 percent higher than the level of $4.13 billion in the same month last year.

India's trade deficit for April is estimated at $1.74 billion, which is higher than $1.41 billion during the corresponding month last year, the ministry stated.




Source: IANS
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