New Delhi, Mar 3: The slowdown in the country's exports continued in January 1998 with a growth rate which was 7.47 per cent lower than the level in January 1997. The trade deficit for the period April-January 1998 jumped to $5,578.70 million, up from the figure of $4,288.82 million in the corresponding period last year.
Available provisional data with the commerce ministry indicate a slow down in exports from ports like Nhava Sheva, Mumbai and Madras, especially in chemicals and engineering sectors, besides raw cotton, and cotton and woollen yarn.
The differential exchange rate between January 1997 and January 1998 also contributed to the lower dollar growth in exports since the rupee depreciated by 9.8 per cent in Januarty 1998 over January 1997. The lower growth in January 1998 pulled down the over all growth in April-January 1998 to a mere 2.37 per cent compared with the previous corresponding period.
The commerce ministry data show that exports during the above period amounted to $27,707.02million compared with $27,065.26 million. Exports during January 1998 are valued at $2,629.93 million against $2,842.28 million in January 1997.
Imports during April-January 1998 are estimated at $33,285.73 million, which is 6.16 per cent higher than the level of $31,354.08 million in the same period last year.
During the above period, oil imports are estimated at $ 6,572.67 million which is 16.42 per cent higher than those valued at $7,864.10 million.
Non-oil imports are estimated at $26,713.06 million, which is 13.72 per cent higher than the level valued at $23,489.98 million in April and January 1997 period.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
