Wednesday, May 26, 2004

Commerce: Exports rise, but imports rise even more

News from The Hindu, Press Release from Ministry of Commerce and Industry.

Nothing to do with the new commerce minister Kamalnath. The exports have registered a growth of 19.95% in April 2004 (US$ 5.01 billion) compared to April 2003 (US$ 4.18 billion). However, the same is only 11.23% in rupee terms, as the rupee appreciated heavily with respect to the US dollar over this period.

Imports have also risen by 20.78% in this same period. It was US$ 6.75 billion in April 2004 and US$ 5.59 billion in April 2003. Of this, the main outflow was in purchasing oil from outside. The oil imports came to US$ 2.20 billion in April 2004 compared to US$ 1.45 billion in April 2003. This must be due to both a higher intake (a sign of growing economy) and the price increase.

Trade deficit for the month of April 2004 was US$ 1.74 billion. (In April 2003 it was US$ 1.41 billion.)

India will have to seriously look at home grown energy needs.

We also have to look forward to the exim policy from the new Commerce Minister.

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