Exports hit fiscal low in January

Growth in India's merchandise exports in January 2007 slumped to the lowest level during fiscal 2006-07 to 5.52 per cent at $ 9.64 billion (provisional), compared to the revised figure of $9.14 billion in the same month last year.

On a sequential basis, the export growth in January this year is lesser than the 7.75 per cent growth recorded in December 2006.

With imports growing at a rate of 23.24 per cent at $ 15.43 billion in January, 2007, compared to the revised figure of $12.52 billion in the same month of the previous year, the trade deficit for the month stood at $5.78 billion.

Trade deficit for the April 2006 to January 2007 period, stood at $50.58 billion, which is an increase of 44.54 per cent over the revised trade deficit of $35.13 billion, in the same period in the previous year.

The growth in imports in January 2007 was largely contributed by non oil imports, which stood at $10.63 billion, compared to $ 8.35 billion in the same month last year. This is a 27.32 per cent increase. In addition, crude oil imports in January 07 rose by 15.07 per cent at $4.79 billion, as against $4.16 billion in January 2006.

According to foreign trade data released by the Director General of Commercial Intelligence and Statistics, the cumulative value of merchandise exports in the April 2006 to January 2007 period increased by 20.15 per cent to $ 99.13 billion against the revised figure of $82.50 billion in the same period of the previous year.

According to Commerce Ministry estimates, exports in the 2006-07 fiscal will touch the mark of $125 billion. India's merchandise exports are expected to touch $150 billion by 2008-09 and create 1.36 crore new jobs.

The cumulative value of the country's imports in April-January, 2006-07 rose by 27.27 per cent to $149.72 billion compared with $117.63 billion during the same period in 2005-06.

Crude oil imports registered a growth of 36.40 per cent in April-January 2006-07 and stood at $48.61 billion, over $35.83 billion in the same period last year.