Exports dip to 9.49% in October

The country’s exports during the first six months of the current fiscal sustained a double-digit growth but slipped to a single-digit l...

The country’s exports during the first six months of the current fiscal sustained a double-digit growth but slipped to a single-digit level of 9.49% in October.

However, overall exports crossed $40 billion registering a growth of 23.73% during April-October.

Commerce and industry minister Kamal Nath said at the Economic Editors Conference on Wednesday that $40,291.08 million worth of exports were achieved during April-October against $32564.32 million during the same period last year.

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Exports during October alone were valued at $5947.31 million which is 9.49% higher than $5431.70 million during October, 2003, Nath said.

Imports during the same period in 2004-05 were valued at $54,732.21 million which is an increase of 31.97 per cent over $41,472.44 million during 2003-04 as per the data released by the minister.

Exports to the European Union, the US, Asia and Oceania were placed at 22 per cent, 17.4 per cent, and 46.6 per cent respectively.

According to the disaggregated data available for April-July 2004, major sectors of exports that witnessed high growth of 10 per cent and above included gem and jewellery at 45.9 per cent, engineering goods 36.5 per cent, ores and minerals 78.8 per cent, petroleum products 78.8 per cent, chemicals and related products 33.6 per cent and plantation 22.5 per cent.