The surge in exports continued through November with a 15.62 per cent growth in the month while imports grew 29 per cent, according to commerce and industry ministry data released today.
The cumulative growth in exports for the April-November period was equally impressive at 15.65 per cent.
As per provisional trade data released by the ministry, exports in November 2002 were valued at $4.13 billion as compared to $3.57 billion in the corresponding month last year.
The 29 per cent surge in growth in imports in the month, however, prompted commerce minister Arun Shourie to warn that domestic industry still had a long way to go before it could become globally competitive, especially vis a vis China.
On a cumulative basis for April-November, imports grew at a moderate 14.25 per cent. Oil continued to be the major item of import, logging a 21.09 per cent increase at $11.72 billion in the first eight months of the current financial year.
In the month under consideration, the total value of goods imported was pegged at $5.36 billion, while for April-November the figure stood at $39 billion.
Accordingly, the trade deficit for November stood at $1.22 billion while the cumulative figure for the April-October period was $6.24 billion.
Benefits for third party exports
The government has clarified that benefits of export promotion schemes would be extended to third party exports, reports Press Trust of India.
