NEW DELHI, Feb 4: The slow down in exports, noticed in November 1997, continued in December 1997 as well, if the latest provisional data from the Delhi and Mumbai airports and the Calcutta sea port are anything to go by.The growth rate in December 1997 was 5.13 per cent lower than that in December 1996. The differential exchange rate between the two also contributed to the lower dollar growth in exports, since the rupee depreciated by 9.4 per cent in December 1997 compared to December 1996.
As a result, the overall growth in the first three quarters of the current fiscal (April-December 1997) came down to 3.31 per cent compared to 4.55 per cent up to November 1997 of the same year. With three months left for the current fiscal to end, indications are that the growth may be at 5 per cent against the 8-10 per cent projected by the commerce ministry.
During December 1997, exports amounted to $ 2,609.69 million against $ 2,750.85 million in the previous corresponding month. In April-December 1997 exportsstood at $ 25,006.48 million against $ 24,204.83 million in the previous corresponding period.
Imports during April-December 1997 are estimated at $ 29,484.77 million, 7.40 per cent higher than $ 27,452.39 million in the previous corresponding period.
Oil imports at $ 6,005.75 million is 14.68 per cent lower against $ 7,038.92 million. Non-oil imports estimated at $ 23,479.02 million, is 15.02 per cent higher than $ 20,413.47 million. Imports during December 1997 at $ 3,517.36 million rose by 11.91 per cent over the previous $ 3,142.90 million. Trade deficit during April-December 1997 stood at $ 4,478.29 million, higher than the previous figure of $ 3,247.56 million. The current fiscal began with a negative export growth of 10.08 per cent in April, which decelerated to 1.98 per cent in April-May and further to 0.95 per cent in April-June.
The position was reversed in April-July when exports achieved a positive 1.81 per cent growth, rising to 2.86 per cent in April-August, to 4.22 per cent inApril-September and to 5.16 per cent in April-October.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
