This is for the fourth time that the exports have registered a double digit growth in the first half of 1999-2000. The other three instances were 11.68 per cent growth registered in May, 11.14 per cent posted in June and 10.16 per cent recorded in August.

However, the export growth in the first half of 1999-2000 was a mere 7.39 per cent, though it was better than the 4.62 per cent growth registered in the period up to August of the same year, going by the provisional foreign trade data released by the commerce ministry on Monday.

The data show that exports during September were valued at $3,087.96 against $2,756.92 million in the same month last year.

During April-September 1999, the exports were estimated at $17,461.40 million compared to $16,260.04 million in the previous corresponding period. Imports during September were valued at $3,956.88 million, a growth of 7.49 per cent over the $3,681.21 million in the same month last year. During the first half of 1999-2000, the imports were estimated at $22,474.28 million, 5.60 per cent higher than the level of $21,2281.73 million during the same period last year.

During this period, the oil imports sharply rose by 53.24 per cent to $4,459.81 million from $2,910.32 million. The increase was in the line with the rising prices in the global market.The non-oil imports on the other hand declined by 1.94 per cent to $18,014.47 million from $18,371.41 million.

The trade deficit in April-September 1999 stood at $5,012.88 million, slightly lower than the $5021.69 million registered in the same period last year. The commerce ministry has fixed an export target of 11 per cent for the 1999-2000 fiscal over the previous year based on a study conducted by the Indian Institute of Foreign Trade.

During the Eighth Plan, the exports registered a growth of over 18-22 per cent in dollar terms only during 1993-94, 1994-95 and 1995-96.

In the remaining two years, the growth was a measly 3.8 per cent in 1992-93 and 4.01 per cent in 1996-97. The export growth rate declined by 1.5 per cent in 1991-92, while imports declined due to import compression measures.The export growth recorded in the first year of the Ninth Plan (1997-98) was by far the lowest.