January exports post 20.47% growth

New Delhi, March 3; Even as exporters complain about the adverse impact of the appreciating rupee and lack of supportive measures in the Union Budget 2008-09, the country’s exports for January 2008 clocked a growth of 20.47 per cent and cumulative export growth during the first 10 months of the fiscal at 21.62 per cent in dollar terms.

But in rupee terms, export growth in January 2008 was seven per cent and cumulatively it was 7.66 per cent which is the real crunch confronting exporters in general and in labour-intensive sectors in particular.

Provisional figures of foreign trade data released by the Department of Commerce shows that the country’s exports, in January 2008 valued at $13.14 billion, was 20.47 per cent higher than the level of $10.9 billion during January 2007.

Cumulatively, value of exports for April 2007 to January 2008 at $124.19 billion was 21.62 per cent higher than $102.11 billion during the corresponding months of the previous fiscal.
Imports

Imports, on the other hand, during January at $22.5 billion were 63.57 per cent higher than the level of such imports valued at $13.75 billion in January 2007. Cumulatively too, India’s imports during the first 10 months of the current fiscal at $191.60 billion showed a growth of 29.63 per cent over the level of $147.81 billion during the corresponding period of the previous fiscal.

Oil imports during January 2008 at $7.7 billion were 60.81 per cent higher than oil imports of $4.79 billion in January 2007. Cumulatively, oil imports during the first 10 months of the current fiscal at $57 billion were 16.49 per cent higher than the oil imports of $48.9 billion in the corresponding period of the previous fiscal.

Non-oil imports during January 2008 were estimated at $14.79 billion, against $8.96 billion in January 2007, showing a hefty growth of 65 per cent. Cumulatively too, non-oil imports during the first 10 months of the current fiscal amounted to $134.58 billion which were 376.13 per cent higher than the level of such imports at $98.86n billion in April-January 2007.

As a result of high export growth and a higher import growth the country’s trade deficit during the first 10 months of the current fiscal zoomed to $67.41 billion which was higher than the deficit of $45.70 billion during April- January 2007.