India's exports up 22 per cent in 8 months | business | Hindustan Times
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India's exports up 22 per cent in 8 months

business Updated: Jan 01, 2008 18:04 IST

IANS
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India's merchandise exports were up 22.08 per cent in the first eight months of fiscal 2007-08 at $98.386 billion, but grew by a shade over eight per cent in rupee terms due to the rising value of its currency.

As per latest trade data released in New Delhi on Tuesday, exports were up 26.82 per cent in November 2007 at $12.425 billion, as against $9.797 billion in the like month of last fiscal. In rupee terms this meant an increase of 11.51 per cent.

Merchandise exports for which a target of $160 billion has been set for the current fiscal as a whole - were valued at $80.590 billion during the first eight months of the previous fiscal.

Imports, on the other hand, amounted to $151.190 billion during the period under review, resulting in a growth of 26.97 percent in dollar terms and 12.43 per cent when denominated in rupees, against $119.078 billion in the previous fiscal.

The value of imports during November last year was $19.832 billion, translating into a rise of 29.26 per cent in dollar terms and 13.66 per cent when denominated in rupee, over $15.342 billion in the like month of 2006.

Accordingly, the trade deficit for the April-November period of this fiscal was $52.804 billion, against $38.488 billion in the corresponding period of previous fiscal, according to data released by the commerce ministry.

Despite hardening oil prices, such imports during November grew by 16.72 per cent in November to $5.823 billion from $4.989 billion in the corresponding month of last fiscal.

Cumulatively, oil imports during the April-November period of this fiscal were up 10.19 per cent at $43.349 billion, against $393.39 billion in the like period of last fiscal.

Non-oil imports were up 35.3 percent in November, against the like month of the previous fiscal, and grew 35.24 per cent in the first eight months of this fiscal over the corresponding period of last fiscal.