October export growth slips to 5%

 Exports grew 8.44 per cent to $32.09 billion during April-October, 2003, from $29.59 billion in the corresponding period last year, according to official estimates.

 The final estimates have pegged export growth during October 2002 at 25.05 per cent. According to the provisional data released by the commerce ministry last year, exports climbed 10 per cent during October 2002 and 13.67 per cent during April-October 2002-03.

 Officials, however, dismissed the slow export growth during October as temporary, and said the 12 per cent growth target for 2003-04 would be met.

 They added that some part of the slowdown could be attributed to the appreciation of the rupee against the dollar.

 Imports, however, maintained there buoyancy climbing 21.46 per cent to $48.84 billion during April-October 2003 from $34.05 billion in the corresponding period last year.

 During October this year, imports rose 23.47 per cent to $6.90 billion from $5.59 billion in October last year.

 The slow export growth coupled with the high rise in imports resulted in the trade deficit more than doubling to $9.23 billion during April-October 2003 from $4.46 billion in the corresponding period last year.

 The increase in imports was fuelled by higher demand for non-oil imports, essentially raw material and intermediaries, which grew 27.88 per cent to $30.49 billion during April-October this year. India's oil import bill, on the other hand, rose 6.48 per cent to $10.21 billion.