Exports grow 15.62 per cent in November

The country’s exports clocked a 15.62 per cent growth during November 2002, over 50 per cent higher than the figure of 9.62 per cent re...

The country’s exports clocked a 15.62 per cent growth during November 2002, over 50 per cent higher than the figure of 9.62 per cent recorded during October 2002. As a result, the April-November 2002 period registered an impressive 15.65 per cent growth. Reflecting a pick up in the industry, imports posted a substantial increase of 28.95 per cent during November 2002 and of 14.25 per cent during April-November 2002 over the respective corresponding periods in the last fiscal. This pushed up the trade deficit to $6.24 billion during April-November 2002.

The performance during April-November 2002 has bolstered hopes of achieving the 12 per cent target set for 2002-03, officials feel. Dr Rajesh Chadha of NCAER said that it was ‘heartening’ to note that the country had maintained the the same tempo of export performance during November as well and this showed that there was no slip up on this account. The export growth was almost equal to that recorded during the April-November period despite the global economic slowdown. Dr Chadha also stated that that the non-oil import growth at 11.56 per cent during April-November 2002 was a ‘healthy’ sign as such imports had decelerated during the past two or three years.

Govt extends benefit of export schemes

NEW DELHI: IN a bid to further facilitate exports, government has clarified that benefits of export promotion schemes would be extended to third party exports. ‘It is clarified …that third party exports are permitted under exim policy for all the export promotion schemes’, the Directorate General of Foreign Trade, under the commerce ministry has said in a circular. ENS

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Exports during April-November 2002 were valued at $32,865.10 million against $28,418.08 million during April-October. Exports during November 2002 were valued at $4,135.09 million against $3,576.32 million in the previous month.

The data released on Wednesday show that imports during April-November 2002 were valued at $39,112.75 million against $34,233.01 million during the same period last fiscal. During this period, oil imports at $11,728.86 million were 21.09 per cent higher than the figure of $9,686.26 million. On the other hand, non-oil imports grew by 11.56 per cent from $24,546.75 million to $27,383.89 million.

Imports during November 2002 were valued at $5,361.50 million against $4,157.88 million during November 2001. The trade deficit estimated at $6,247.65 million during April-November 2002 was substantially higher than the figure of $5,814.93 million recorded during April-November 2001. Exports during 2001-02 recorded a negative growth largely due to the global economic slowdown, which was aggravated by the September 11 terror strikes on the US last year.

Between 1991-92 and 1998-99, exports rose from $17,865 million to $33,641 million, giving an annual compound growth rate of 9.5 per cent. After attaining a growth of about 21 per cent in 1995-96, exports slowed down in the succeeding years. Exports picked up again in 1999-00 by clocking a 11.58 per cent growth, surpassing the target of 11.3 per cent.

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This marked a distinct turnaround in the country’s export profile. The same rosy performance was also repeated during 2000-01 with exports posting a 19.6 per cent growth against the target of 18 per cent. With increasing globalisation, a rapid growth in exports has become important for economic growth more than ever. The commerce ministry is therefore focusing on an export-led growth through optimal utilisation of the country’s comparative advantages vis-a-vis the rest of the world.

Police personnel seen to control the situation during a massive protest over the statehood demand and the inclusion of Ladakh under the Sixth Schedule, in Leh on Wednesday. (ANI Video Grab)

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