THE New Year has started on an encouraging note for the export sector with 26.82% growth in November 2007 to $12.43 billion compared to $9.8 billion in the same month of the previous year. The figure was, however, lower than the $13.30 billion worth of exports during October 2007 when exports, thanks to last-minute Christmas orders, registered a high growth of 35%.
According to figures released by the commerce department on Tuesday, cumulative value of exports for the period April-November 2007 was $98.39 billion against $80.59 billion (Rs 3,68,807.15 crore) registering a growth of 22.08%.
Commerce department officials, however, point out that there has been a drop in exports in labour-intensive sectors including textiles, leather, handicrafts, carpets, plastic & linoleum. “The threat of further job losses still looms large,” an official said.
Imports during November 2007 valued at $19.83 billion represented an increase of 29.26% over imports valued at $15.34 billion in November 2006. Imports for the period April-November 2007 was $151.19 billion as against $119.09 billion registering a growth of 26.97%.
Interestingly, the percentage increase in non-oil imports has been much higher than that of oil imports so far. In November 2007, non-oil imports registered a 35.30% growth over November 2006 to $14 billion. In the April-November 2007 period, the sector grew at the rate of 35.24% to $107.8 billion.
Oil imports in November 2007 were valued $5.82 billion which was 16.72% higher than oil imports valued at $ 4.99 billion in the corresponding period last year. Oil imports during April-November 2007 were valued at $ 43.34 billion, higher by 10.19% over oil imports worth $ 39.33 billion in the corresponding period last year.
Trade deficit for April-November 2007 was estimated at $ 52.80 billion, which was higher than the deficit at $38.48 billion during April-November 2006