India’s export growth lowest in 18 months

November 3rd, 2008 - 4:56 pm ICT by IANS  

New Delhi, Nov 3 (IANS) India’s merchandise export growth slumped to the lowest level in 18 months during September and were valued at $13.748 billion, up just 10.4 percent over $12.455 billion in the like month of the previous fiscal, trade data showed Monday.The global economic meltdown appeared to have impacted the export growth, which had otherwise expanded 26.9 percent in August, as per the latest data.

Despite a poor growth in September, exports were up 30.9 percent in the first half of the current fiscal at $94.973 billion, against $72.556 billion during the like period of last fiscal.

The data, released by the commerce and industry ministry, showed that imports during April-September were valued at $154.744 billion, up 38.6 percent over the like period of last fiscal.

The import growth in September was 43.3 percent, at $24.380 against $17.009.

Accordingly, the trade deficit during the first six months has ballooned to $59.771 billion, against $39.098 billion during April-September last fiscal, the trade data showed.

India has set an export target of $200 billion for the current fiscal, against an actual achievement of $155 billion during the previous fiscal.

The trade data further revealed that oil imports during April-September, were valued at $55.063 billion, which was 59.2 percent higher than such import worth $34.590 billion in the corresponding period last year.

Non-oil imports during the six-month period were 29.3 percent higher at $99.681 billion, against $77.064 billion last fiscal.

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