Exports grow 8.74% in Jan, imports 18.11%

After recording a stupendous 42 per cent growth in December 2003, India's exports grew 8.74 per cent in January 2004 to touch $5.12 billion.

Cumulative growth during April-January 2003-04, however, was estimated at 12.83 per cent with exports during the period estimated at $47.5 billion when compared with $42.1 billion in the corresponding period last fiscal.

According to the latest provisional trade data released by the commerce ministry, the growth in the 10-month period is in line with the 12 per cent target for the current fiscal.

Import growth also slowed down in January 2004, rising 18.11 per cent to $6.58 billion from $5.57 billion in January 2003.

During the first 10 months of the current fiscal, however, imports grew 24.70 per cent to $61.93 billion from $49.67 billion during April-January 2002-03.

The increase in non-oil imports have been largely instrumental in pushing up the import growth rate. During April-January 2003-04, non-oil imports rose 28.27 per cent to $45.29 billion from $35.31 billion in the corresponding period last fiscal.

The oil import bill during the 10-month period ended January 2004 increased by 15.91 per cent to $16.64 billion from $14.36 billion during April-January 2002-03.

With import growth surpassing the increase in exports, India's trade deficit nearly doubled to $14.43 billion during April-January this year, compared to $7.57 billion in the corresponding period last year.

Commerce ministry officials, however, said it was not a cause for concern as most import items that had witnessed a steep rise were intermediaries.

Trade figures
	Jan-03 ($ bn)	Jan-04 ($ bn)	Change (%)
Exports	4.71	5.12	8.74
Imports	5.57	6.58	18.11
Trade deficit	0.86	1.46	-
	Apr-Jan 02-03 ($ bn)	Apr-Jan 03-04 ($ bn)	Change (%)
Exports	42.10	47.50	12.83
Imports	49.67	61.93	24.70
Trade deficit	7.57	14.43	-