Date:02/04/2003 URL: http://www.thehindu.com/2003/04/02/stories/2003040203871600.htm

Business

Exports remain buoyant

By Our Special Correspondent

NEW DELHI APRIL 1. Exports have risen by a healthy 16.76 per cent in the first 11 months of 2002-03 but the trade deficit is nearly one billion dollar higher than it was last year at the same time.

Total exports have reached over $46 billion during April to February (2002-3), raising hopes that the $50 billion target for the year will be achieved.

The trade gap has widened however, by nearly 14 per cent to $7.8 billion from $6.8 billion at the same time last year.

Even in February, exports rose by 13.5 per cent despite the global slowdown owing to the expectations of U.S. leading a war on Iraq. The final growth rate for the year will depend, however, on the data for March that could show a lower growth in view of the war having been launched during this month.

Trade data released here today by the Union Commerce Ministry also reveal that the value of oil imports has shot up by 26.32 per cent to reach $16 billion from $12.7 billion in the corresponding period last year. Non-oil imports, in contrast, are only 12.5 per cent higher at $37.8 billion as compared to $33.5 billion in April-February 2001-02.

Exports have risen to the level of $46 billion during April-February as against $39.4 billion in the previous year. Overall imports have risen by 16.31 per cent to $53 billion during the review period as against $46 billion in the first 11 months of 2001-02. This has led to the widening of the trade gap by nearly one billion dollar.

A Commerce Ministry release says that during February alone, exports were estimated at $4.1 billion as against $3.5 billion during the same month in 2001-02, while imports reached $4.4 billion compared to $3.7 billion.