Indias exports declined 5.13 per cent in dollar terms in December 1997 compared with December 1996, even as imports increased almost 12 per cent, led by non-oil imports.
Exports during December 1997 are valued at $2609.69 million, which is 5.13 per cent lower than the level of $2750.85 million in December 1996, although in rupee terms, additional exports valued at Rs 1,000 crore were reported in December 1997, an official press release said yesterday.
The release added that the differential exchange rate between December 1997 and December 1996 has also contributed to the lower dollar growth in exports since the rupee depreciated by 9.44 per cent in December 1997 as compared to December 1996.
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Exports during April-December 1997 are estimated at $25 billion, 3.3 per cent higher than the level of $24.2 billion in the corresponding period last year.
Imports in December 1997 surged 11.91 per cent to $3.5 billion from $3.1 billion in December 1996. Imports during April-December 1997 are estimated at $29.4 billion, up 7.4 per cent from $27.4 billion during the same period last year.
Oil imports during April-December 1997 are valued at $6 billion, down 14.68 per cent from $7 billion in the corresponding period last year. Non-oil imports during April-December 1997 are estimated at $23.4 billion, 15 per cent higher than the level of $20.4 billion in April-December 1996.
The drop in export growth in December is sharper than in November when exports were down about 1 per cent. Imports have, however, recovered after recording just 2.31 per cent year-on-year growth in November 1997.