Exports likely to miss $125 bn target
The $125-billion export target for 2006-07 may remain a dream unless Indian exporters’ efforts in March produce an extraordinary result.
With cumulative exports touching $109.1 billion in the first 11 months of the fiscal –– registering a growth of 22.95% –– exports in the last month of the fiscal have to be a whopping $16 billion to meet the government’s target. This would translate into a 46.7% growth requirement for March 2007 over exports worth $10.9 billion recorded in March 2006.
This huge growth target doesn’t seem easy, especially with merchandise exports in February 2007 valued at a modest $9.7 billion, registering a 23.83% growth over February 2006.
According to the provisional data for merchandise exports available from directorate general of commercial intelligence & statistics (DGCI&S), imports during April-February 2006-07 grew 30.59% to $164.98 billion. This took the overall trade deficit to $55.85 billion in the first 11 months of the current fiscal, which was 48.6% higher than a deficit of $37.57 billion in the same period last year.
Imports during February 2007 were valued at $14.36 billion compared with $11.04 billion in February 2006. Crude oil imports were valued at $4.06 billion during the month compared with $4.1 billion in the corresponding period last year, registering a negative growth of 1.18%. Crude oil imports during April-February 2006-07 were valued at $52.67 billion which was 32.52% higher than crude oil imports of $39.748 billion in the corresponding period last year.
Non-oil imports were estimated at $10.3 billion during February 2007 –– 39.77% higher than growth of non-oil imports of $7.37 billion in February 2006. Non-oil imports during April-February 2006-07 were valued at $112.31 billion which was 25.67% higher than the level of such imports valued at $89.37 billion in April-February, 2006.