Exports in fiscal 1999-2000 have touched $37.5 billion, netting a growth of 11.58 per cent over the previous fiscal. In 1998-99 (April-March), exports aggregated $33.6 billion.
Imports during 1999-2000 (April-March) have shown a growth of 10.19 per cent to touch $46.1 billion. In 1998-99, imports were at $41.8 billion.
The trade deficit in the last financial year has increased to $8.6 billion, compared to $8.2 billion during 1998-99.
More From This Section
According to an official release, oil imports in 1999-2000 registered a growth of 64.26 per cent to touch $9.6 billion, compared to $5.8 billion in the fiscal 1998-99.
The release said if the final data on exports for 1998-99 at $33.2 billion was taken as the base then exports growth would be pegged higher at 13.06 per cent.
Also, with the final import figure of 1998-99 at $42.4 billion, the growth would be lower at 8.85 per cent.
Non-oil imports during the same period have been estimated at $36.49 billion, recording a marginal growth of 1.36 per cent. In 1998-99, non-oil imports were valued at $36 billion.
Exports during March 2000 were estimated at $3.7 billion, recording a growth of 9.6 per cent over March 1999. In March 1999, the exports were valued at $3.3 billion.
During the same period, in rupee terms, exports have grown by 12.51 per cent to touch Rs 16217.81 crore.
Imports in March 2000 have shown a much higher growth of 15.72 per cent compared to exports. In March, imports have touched $4.13 billion against $3.5 billion in March 1999.
The trade deficit in March 2000 has been recorded at $0.4 billion as against $0.1 billion in March 1999.
However, in rupee terms, the trade deficit in March 2000 has touched Rs 1,824.86 crore, compared to Rs 770. 70 crore in March 1999.
Reuters adds: Reacting to the report, Navratan Samdria, president of the Federation of Indian Export Organisation, said,"The growth rate could have done better in the year gone by _ at least 20 per cent. Poor infrastructure facilities, high transaction costs and high cost of bank credit have pulled down the growth".
Saumitra Chaudhuri, an economist with ICRA, said, "You have an export growth of 11.6 percent which is essentially a continuation of the recovery in export growth beginning September 1999 As far as import growth is concerned, almost the entire import growth has come from the higher oil import."