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Export growth dips in Jan.

By Our Special Correspondent

NEW DELHI MARCH 1. Even as exports in January dipped to 9.19 per cent after a record growth of 34 per cent in December, the overall increase for the period April-January was a healthy 17.38 per cent.

According to official trade data released here today, exports during January are estimated at $4.64 billion against $4.25 billion in the corresponding month last year.

Imports, by contrast, surged during the month by 24.45 per cent. This included a spurt of 22 per cent in oil imports and nearly 14 per cent in non-oil imports.

This has brought the country once again to a situation of trade deficit from the trade surplus recorded in January 2002. The deficit is now estimated at $636.49 million as against a trade surplus of $10.20 million in January 2002.

An official release says imports during January were valued at $5.28 billion, a 24.45 per cent increase over the level of $4.24 billion in January last year. Oil imports during the April-January period for the current fiscal are estimated at $14.34 billion which is 22.02 per cent higher than $11.76 billion in the corresponding period of the previous year.

Non-oil imports during the first ten months of the fiscal rose by nearly 14 per cent to $34.98 billion from $30.79 billion in April-January 2001-02.

Despite the surge in imports, it appears the 12 per cent export target for the current fiscal is well within reach. Cumulative exports in value terms are pegged at $42.16 billion against $35.92 billion over the same period in the previous fiscal.

The trade deficit is, however, rising owing to healthy import growth. Cumulative trade deficit during April-January has been estimated at $7.12 billion, which is higher than the $6.63 billion over the same period last year.

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