The surge in exports continued through November with a 15.62 per cent growth in the month while imports grew 29 per cent, according to commerce and industry ministry data released today.
The cumulative growth in exports for the April-November period was equally impressive at 15.65 per cent.
As per provisional trade data released by the ministry, exports in November 2002 were valued at $4.13 billion as compared to $3.57 billion in the corresponding month last year.
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The 29 per cent surge in growth in imports in the month, however, prompted commerce minister Arun Shourie to warn that domestic industry still had a long way to go before it could become globally competitive, especially vis a vis China.
On a cumulative basis for April-November, imports grew at a moderate 14.25 per cent. Oil continued to be the major item of import, logging a 21.09 per cent increase at $11.72 billion in the first eight months of the current financial year.
In the month under consideration, the total value of goods imported was pegged at $5.36 billion, while for April-November the figure stood at $39 billion.
Accordingly, the trade deficit for November stood at $1.22 billion while the cumulative figure for the April-October period was $6.24 billion.
Benefits for third party exports
The government has clarified that benefits of export promotion schemes would be extended to third party exports, reports Press Trust of India.