Exports send out some good news as Apr-Nov 01 growth inches up 0.5pc

Our Economic Bureau

New Delhi, Jan 1: After almost a continuous slide up to October 01, exports recovered marginally by recording a positive, though a meagre 0.5 per cent, growth during the April-November period this fiscal. If the recovery, which was largely aided by the 3.29 per cent growth in November 01, is maintained during the remaining period of the fiscal, there is hope of achieving the revised 3 per cent export growth rate target set for the 01-02 fiscal. Imports, too, staged a marginal recovery with a measly 1.19 per cent growth during the April-November period.

According to the provisional foreign trade data released by the commerce ministry here on Tuesday, exports during April-November 01 were valued at $28,850.81 million against the $28,708.14-million recorded during the corresponding period previous fiscal. Exports during November 01 were valued at $3,722.11 million against $3,603.58 million in November 00.

Imports during the period under review, valued at $34,723.77 million, grew by a mere 1.19 per cent over $34,314.48 million reported during April-November 00. Oil import during this period were valued at $9,851.06 million, which was 13.18 cent lower than the previous year’s figure at $1,1347.13 million. Non-oil imports at 24,872.71 million were, however, 8.30 per cent higher than those valued at $22,967.35 million during this period.

During November 01, imports were worth $4,181.34 million, 10.97 per cent lower than $5,606 34 million in November 00.

The trade deficit during April-November 01 stood at $5,872.96 million, which was higher than the $5,603.34-million recorded during April-November 00. Between 1991-92 and 1998-99, exports increased from $17,865 million to $33,641 million (provisional) giving an annual compound growth rate of 9.5 per cent. After attaining a growth of about 21 per cent in1995-96, it had slowed down during the succeeding years. Exports picked up again in 1999-00 by registering a 11.58 per cent growth, surpassing the 11.3 percentage point target. The same performance was also repeated during 00-01 with exports posting a 21 per cent growth against the target of 18 per cent.

With the increasing globalisation, a rapid growth in exports has become important for economic growth more than ever. The commerce ministry is, therefore, focussing on an export-led growth through optimal utilisation of its comparative advantages vis-a-vis the rest of the world.