Export growth bounces back, rising imports widen trade gap
Export growth bounced back to 35.25 per cent in February 2008, showing resilience against strengthening rupee, while the 11-month data showed soaring of trade deficit.
By PTI |
NEW DELHI: Export growth bounced back to 35.25 per cent in February 2008, showing resilience against strengthening rupee, while the 11-month data showed soaring of trade deficit on the back of imports being used to fight inflation.
Exports grew at an impressive pace to 14.23 billion dollars in February 2007-08 fiscal, while the growth for the April-February period registered a growth of 22.9 per cent to 138.42 billion dollars.
Imports in February went up by 30.53 per cent to 18.46 billion dollars. The cumulative imports for April-February period were 210.89 billion dollars showing a growth of 30.21per cent.
The 11-month trade deficit was placed at 72.46 billion dollars against 49.32 billion dollars a year-ago, according to official data released today.
Against huge growth in dollars terms, the increase in rupee terms was 21.71 per cent in February.Imports in rupee terms showed a growth of 17.45 per cent in February.
The rupee has strengthened by over 10 per cent in the last one year, eroding exporters margins.
Hailing the resilience in the export trends, Federation of Indian Export Organisations President Ganesh Kumar Gupta said, "We have to look at the disaggregated figure to see how traditional and employment- generating sectors have exhibited growth".
He said in the past much of the growth has come in exports of petroleum products, gems and jewellery and engineering products due to increase in prices of raw crude and raw material.
The rising imports and the widening of trade deficit are being attributed to the country reducing duties in the wake of shortages of many commodities, especially in food.
Exports grew at an impressive pace to 14.23 billion dollars in February 2007-08 fiscal, while the growth for the April-February period registered a growth of 22.9 per cent to 138.42 billion dollars.
Imports in February went up by 30.53 per cent to 18.46 billion dollars. The cumulative imports for April-February period were 210.89 billion dollars showing a growth of 30.21per cent.
The 11-month trade deficit was placed at 72.46 billion dollars against 49.32 billion dollars a year-ago, according to official data released today.
Against huge growth in dollars terms, the increase in rupee terms was 21.71 per cent in February.Imports in rupee terms showed a growth of 17.45 per cent in February.
The rupee has strengthened by over 10 per cent in the last one year, eroding exporters margins.
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Hailing the resilience in the export trends, Federation of Indian Export Organisations President Ganesh Kumar Gupta said, "We have to look at the disaggregated figure to see how traditional and employment- generating sectors have exhibited growth".
He said in the past much of the growth has come in exports of petroleum products, gems and jewellery and engineering products due to increase in prices of raw crude and raw material.
The rising imports and the widening of trade deficit are being attributed to the country reducing duties in the wake of shortages of many commodities, especially in food.
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