Indias exports have shown a negative growth of 1.98 per cent during April-May 1997 at $5.4 billion compared with $5.5 billion in the same two-month period in 1996.
Exports in May 1997-98, howver, have picked up over 8.64 per cent after falling by 10 per cent in the first month of the current year. It stood at $2.86 billion in May 1997 compared with $2.6 billion in the same month last year.
Imports, however, declined by 0.6 per cent in April-May compared with last year. In May, imports fell by 1.44 per cent over May 1996.
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Oil imports have declined by 8.9 per cent over April-May 1996-97. This is primarily on account of a fall in global oil prices and not due to volume decline. Oil imports during April-May 1997-98 are valued at $1.39 billion lower than $1.53 billion valued in the same period last year.
Non-oil imports during April-May 1997 are estimated at $4.85 billion, which is 2.08 per cent higher than $4.75 billion recorded in April-May 1996.
The trade deficit for April-May 1997 is estimated at $.84 billion, which is higher than the deficit at $ .77 billion during April-May 1996. The positive growth in May 1997 at 8.64 per cent in dollar terms is encouraging. Preliminary data indicate that export of spices, leather goods, marine products, engineering goods, electronic goods, textiles and handicrafts improved in May 1997.
The target for the current year is likely to be set at $40 billion.