Export Growth Rate Turns Negative In Nov

Exports declined to $2.45 billion during November 1997, down 0.95 per cent from $2.48 billion in November 1996. Imports grew 2.31 per cent year-on-year, touching $3.0 billion against $2.95 billion in November 1996.

In a press release issued in the capital yesterday, the commerce ministry said the slump in exports was partly on account of the differential exchange rate between November 1997 and November 1996, which has led to lower dollar growth in exports. It added that the rupee growth rate in Novem-ber 1997 was higher than in November 1996.

The ministry also pointed out that provisional data from ports suggest a slowdown in exports of key items like gems and jewellery, cotton yarn and fabrics.

Exports rose 9.62 per cent in October 1997. The cumulative growth between April and October was 5.16 per cent. The decline in exports in November has thus pulled down the cumulative growth rate to 4.55 per cent. Exports between April and November 1997 are estimated at $22.3 billion. Imports in the same period are estimated at $25.7 billion, 6.26 per cent higher than the import level of $24.2 billion during the same period last year.

The trade deficit for April-November 1997 is estimated at $3.4 billion, against a deficit of $2.8 billion in April-November 1996.

Oil imports during April-November 1997 are valued at $5.38 billion, 10.5 per cent lower than the imports of $6.0 billion in the corresponding period last year. Non-oil imports during April-November 1997 are estimated at $20.3 billion, up 11.78 per cent from the same period last year.