India's exports rose 29.43 per cent during May to $5.81 billion because of a global pick-up in demand. Exports for the first two months of the current fiscal were estimated to have grown 24.86 per cent to $8.67 billion. | |
| According to provisional trade data released by Commerce and Industry Minister Kamal Nath on Monday, imports rose 28.22 per cent in May to $7.73 billion, compared with $6.03 billion during May 2003. |
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| During April-May 2004, imports were estimated to be 25.79 per cent higher at $14.61 billion. |
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| The increase in imports was mainly on account of higher crude oil prices, which pushed up India's import bill by 47 per cent to $4.6 billion during April-May this year. |
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| Non-oil imports during the first two months of the fiscal were valued at $10.01 billion, 17.96 per cent higher than in April-May 2003-04. |
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The faster rise in imports widened the trade deficit to $3.78 billion during the first two months of 2004-05, against $2.94 billion in April-May 2003-04. | Trade figures | | | May '03
($ mn) | May '04
($ mn) | Change
(%) | | Exports | 4,491.11 | 5,812.99 | 29.43 | | Imports | 6,026.39 | 7,727.30 | 28.22 | | Trade deficit | 1535.28 | 1,914.31 | - | | | Apr-May '03
($ mn) | Apr-May '04
($ mn) | Change
(%) | | Exports | 8,668.03 | 10,823.19 | 24.86 | | Imports | 11,612.91 | 14,607.50 | 25.79 | | Trade deficit | 2,944.88 | 3,784.31 | - |
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| "Imports have led to a greater manufacturing activity in the economy, while exports have picked up because of the global economic recovery," Kamal Nath said at a press conference. |
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| Exports of leather (7 per cent) and marine products (6 per cent) were the only two product categories that showed a decline in May 2004, he said. |
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| On the other hand, items like gems and jewellery (43 per cent), textiles (14 per cent), cotton yarn and fabric (11 per cent), man-made yarn and fabric (36 per cent) and engineering goods (7 per cent), which constitute a bulk of India's total exports, grew steadily during May. |
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| Petroleum products and iron ore exports shot up 23 per cent and 188 per cent, respectively, the minister said. |
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