The package was finalised at an hour-long meeting between Hedge and finance minister Yashwant Sinha here on Tuesday and would be announced by the commerce minister in parliament tomorrow. Among other things, the package is expected to announce further reduction in export credit rates.

According to recent trade data, exports during April-June 1998 have been estimated at $7,488.69 million which was 7.94 per cent lower than $8134.85 million recorded during the corresponding period last year. However, in rupee terms, the exports was up by 4.85 per cent.

The performance during June was still worse with the exports registering a negative growth of 11.81 per cent over the corresponding month in the last year. Exports during the month are valued at nearly $ 2.34 billion as against $ 2.66 billion June 1997. In rupee terms,exports were Rs 9,909.68 crore, which is 4.65 per cent higher than the value of exports during June last year.

As per available indications, exports registered a decline from Delhi Air, ICD Bombay sea, Kandla and Vishakhapatnam ports. Exports from Bombay sea port were affected owing to the strike by clearing agents in June while Kandla reported low exports owing to the dislocation caused by cyclone. Exports of cotton yarn/fabrics, electronics hardware, transport equipment and machinery sectors continue to show negative trend.

On the other hand, imports during the first three months are estimated at $ 9.88 billion which is 3.75 per cent higher than $ 9.53 billion during April-June of last year. Oil imports during the first quarter are valued at $ 1.32 billion dollars which is 35.86 per cent lower than oil imports of corresponding period of last year, valued at $ 2.05 billion.

Non-oil imports during the same period are estimated at $ 8.56 billion which is 14.66 per cent higher than the level of suchimports valued at $ 7.47 billion of last year same period.

Imports during June this year are valued at $ 2.98 billion dollars, representing a decline of 3.78 per cent.

Trade deficit during the first quarter worked out to be $ 2.40 billion which is substantially more than $ 1.4 billion recorded at the end of June 1997.