Export Growth Slips By 10%, Non-Oil Imports Recover To 6.6%

The countrys annual export growth slumped by 10 per cent in the first month of the current financial year, while non-oil imports growth registered an increase of 6.6 per cent.

Exports were at the level of $2.5 billion in April, against $2.8 billion in the same month last year. Imports during the same period were at the level of $3.03 billion against $2.9 billion in April last year.

Non-oil imports in April 1997 are estimated at $2.4 billion, as compared with $2.2 billion in the same period last year. Oil imports during this period are valued at $678 million, as compared with $773 million in April last year. The trade deficit for April is estimated at $510 million, which is higher than the deficit of $176 million in the same month last year.

An official release by the commerce ministry says the transport strike had an adverse impact on movement of export goods and shipment during April 1997. Exports of gems and jewellery, and leather goods are yet to attain momentum, the release adds.

India registered one of its worst performances in recent years in 1996-97, with exports up by a meagre 4.01 per cent and import growth averaging six per cent. Non-oil imports increased by only one per cent during the year.

Export growth in the last fiscal was the lowest since 1992-93 when exports grew at 3.8 per cent. In fiscal 1995, export growth stood at 21.4 per cent and in fiscal 1994 at 18.3 per cent.