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Our Bureau

Exports in November post 57 pc growth

New Delhi , Dec 20

The country's exports posted a hefty 57.05 per cent growth in November 2006 over the corresponding month of 2005, while the cumulative exports for the first eight months of the current fiscal logged 39 per cent growth to touch $80 billion.

Releasing the trade data at a news conference here, the Union Commerce and Industry Minister, Mr Kamal Nath, said in November 2006 exports increased by about $10 billion and pointed out that "very high export growth rate of over 20 per cent" was being sustained throughout the year.

Provisional data compiled by the Directorate of Commercial Intelligence & Statistics (DGCI&S) show that the cumulative value of India's merchandise exports in the first eight months (April to November) of the fiscal year 2006-07 was $79.5 billion, against $57 billion in the corresponding period of 2005-06. Exports in November 2006 were valued at $9.68 billion as compared to $6.2 billion in November 2005.

Oil imports

Imports, on the other hand, were $115.6 billion during April-November 2006, as compared to $84.7 billion in the comparable months of 2005, showing a growth of 36.52 per cent. In November 2006, imports were valued at $15.9 billion ($9.9 billion).

Crude oil imports at $4.9 billion in November 2006 ($3.4 billion) showed a growth of 48.31 per cent, while cumulatively crude oil imports during the period under review amounted to $38.9 billion ($27.8 billion), up 40.52 per cent.

Non-oil imports were estimated at $10.9 billion during November 2006 ($7.7 billion), up 40.49 per cent. Non-oil imports during April-November 2006 were valued at $76.6 billion, which was 17.03 per higher than the imports valued at $65.5 billion in April-November 2005.

Trade deficit during the first eight months of the current fiscal zoomed to $36 billion, which was higher than the deficit of $27.6 billion during April-November 2005.

However, if the provisionally revised figures were taken into account for April-November 2005, exports amounted to $64.17 billion, imports at $93.23 billion, while the trade deficit was $29.1 billion.

Medium-term export goal

Mr Nath said the main drivers of the export growth during November include gems and jewellery, engineering goods, basic chemicals and petroleum products.

Based on the running trends, he said, the export target of $125 billion set for this fiscal would be reached. He said the increase in non-oil imports was supportive of the manufacturing boom, as it comprises mostly imports of inputs for production such as intermediates and capital goods.

He said that as per the medium-term export strategy of reaching $150 billion by 2008-09, the trends were encouraging so far which would, on fruition, generate 136 lakh new jobs, including 81.57 lakh direct and 54.61 lakh indirect jobs.

The Minister said the effort to make forays into new markets and new products had paid off and the Government was fostering closer economic cooperation with Japan, Korea, China, the neighbouring countries of Asia, Russia and the UK through joint economic committees, joint study groups for trade, services and investment.

To a specific query about his meeting with the Union Finance Minster, Mr P. Chidamabaram, here on Thursday, Mr Nath said that as part of the institutional mechanism for interaction as suggested by the Prime Minister, Dr Manmohan Singh, both the Ministers would jointly hear the views of the export promotion councils and exporters to ensure smooth functioning of the system and to bring down transaction cost to trade and industry.

Related Stories:
Export growth at 23.5 pc during April-Oct — Traditional items perform well
Exports decline 11 pc in November — Apr-Nov exports up 16 pc

More Stories on : Economy | Exports & Imports

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