Rising rupee takes toll, exports grow 16%
India’s exports grew by 16.04% in December 2007 in dollar terms but managed a paltry rise of 2.54 per cent in rupee terms, as the domestic currency strengthened against the greenback. Exports went up to $12.31 billion in December 2007 amid exporters’ concerns over appreciation in rupee against the dollar. The local unit has risen more than 12 per cent against the US dollar in 2007. In rupee terms, exports were valued at Rs 48,569.64 crore, growing by just 2.54 per cent in December 2007. Imports during the month were valued at $17.68 billion, up 18.06 per cent, from $14.97 billion in December 2006. In rupee terms, imports increased by 4.31 per cent to Rs 69,731.56 crore in December. For the April-December period of 2007-08, India’s exports stood at $111.04 billion, registering a growth of 21.76 per cent from $91.2 billion in the corresponding period of the previous fiscal. The country’s trade deficit for April-December period of the current fiscal widened by about 35 per cent to $57.82 billion from $42.85 billion in the year-ago period.