Exports register 29.4 per cent growth in May

By Our Economy Bureau | 22 Jun 2004

New Delhi: India''s exports grew by 29.40 per cent during May 2004 at $5.81 billion compared with an export performance of $4.49 billion recorded in the same month during the previous year.

The cumulative exports during April-May 2004 increased by 24.80 per cent at $10.82 billion compared with $8.67 billion recorded in the same period during fiscal 2003-04.

Trade deficit for April-May 2004, however widened to $3.78 billion, against a deficit level of $2.94 billion during April-May 2003-04. Imports in May 2004 stood at $7.73 billion, registering an increase of 28.19 per cent over the import level of $6.03 billion recorded in May 2003. Cumulative imports during April-May 2004 increased by 25.75 per cent to $14.6 billion ($11.61 billion).

Oil imports stood at $4.6 billion ($3.13 billion), a rise of 46.97 per cent. Non-oil imports are estimated at $10 billion ($8.48 billion), a 17.92 rise. Commerce and industry minister, Kamal Nath, said that the buoyancy in export growth could be attributed to "economic recovery" in key markets. He said that exports of gem and jewellery, iron ore, textiles, man made fibre, petroleum products recorded significant growth during May.

Kamal Nath added that exports of leather items and marine products registered negative growth in May 2004. The commerce secretary, Dipak Chatterjee, said that the dip was due to the reluctance of exporters to ship marine products to the US. "The US has initiated anti-dumping probe on marine products imports from a number of countries including India. Our exporters are wary of exporting marine products to US in such a situation. They are waiting to know the outcome and the quantum of provisional anti-dumping duty as the duty could have a retrospective effect," Chatterjee said.