Exports have surged by 11.5 per cent in September, suggesting the first signs of a turnaround on the trade front.
According to data released by the commerce ministry exports in September aggregated $2.9 billion as compared to $2.6 billion in the same period last year. Exports had grown by a mere 2.37 per cent in August.
Imports during September stood at $3.6 billion against $2.87 billion in September 1996, a 6.41 per cent rise.
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Exports during the period April-September 1997 are estimated at $16.8 billion which is 4.22 per cent higher than the $16.1 billion recorded in the corresponding period last year.
The monthly export growth achieved in September 1997 is the highest recorded since June 1996 when the export growth slowdown began. An ambitious export target of $39 billion has been set for the year.
Imports during April-September are estimated at $19.3 billion which is 7.60 per cent higher than the $17.9 billion recorded in the same period last year.
Oil imports during April-September stood at $3.9 billion, 11.62 per cent lower than the $4.4 billion registered in the corresponding period last year.
Non oil imports during the period rose by 13.89 per cent to touch $15.4 billion against $13.5 billion in the corresponding period last year.
However, commerce minister B B Ramaiah had earlier said that it would not be possible to achieve this target of $39 billion and that the ministry is now looking at achieving a growth rate of 10 per cent over 1996-97.
The trade deficit for April-September is estimated at $25 billion which is higher than the $1.8 billion during the corresponding period last year.
Export growth had slumped dramatically to below five per cent in 1996-97 against a 21 per cent rise in 1995-96. The export performance of the country in the last fiscal year compares with 1992-93 when export growth hit a low of 3.8 per cent.