Rising rupee fails to dampen Indian exports that rise 23pc
Sunday, 3 June 2007
NEW DELHI, June 2 (PTI): Proving naysayers wrong, India's exports started the new financial year with an impressive 23.06 per cent year-on-year growth to touch USD 10.57 billion in April.
In line with the robust economic growth and liberalised import regime, imports for the month were up 40.69 per cent to USD 17.63 billion.
The bulk of the rise in imports was accounted for by non-oil goods and commodities, which went up by 54.29 per cent to USD 13.21 billion.
The oil imports on the other hand rose by a modest 11.4 per cent to USD 4.42 billion.
On account of high imports, trade deficit saw a huge jump of 79 per cent to USD 7 billion from USD 3.9 billion in April last year.
The April figures show that the concerns over the impact of rising rupee on exports were exaggerated, say analysts.
However, in the wake of 12.7 per cent increase in rupee value the government is taking steps to help small exporters so that the target of USD 160 billion for 2007-08 is met.
Officials say rise in non-oil imports underlines increased economic activity and creation of new productive capacities.
Besides, the government has recently lowered customs duty on a number of items.
In line with the robust economic growth and liberalised import regime, imports for the month were up 40.69 per cent to USD 17.63 billion.
The bulk of the rise in imports was accounted for by non-oil goods and commodities, which went up by 54.29 per cent to USD 13.21 billion.
The oil imports on the other hand rose by a modest 11.4 per cent to USD 4.42 billion.
On account of high imports, trade deficit saw a huge jump of 79 per cent to USD 7 billion from USD 3.9 billion in April last year.
The April figures show that the concerns over the impact of rising rupee on exports were exaggerated, say analysts.
However, in the wake of 12.7 per cent increase in rupee value the government is taking steps to help small exporters so that the target of USD 160 billion for 2007-08 is met.
Officials say rise in non-oil imports underlines increased economic activity and creation of new productive capacities.
Besides, the government has recently lowered customs duty on a number of items.