|
India’s merchandise
trade clocked an 18.1% increase in 2002-03, which is a
significant improvement over the decline in exports in the
previous year. Thought the rise in international oil prices
pushed up the oil import bill by a quarter and the
industrial recovery almost doubled the growth of non-oil
imports to 13.3% the trade deficit went up by only 50.7
billion to $7 billion.
The rupee appreciated
marginally against both the dollar and the Yen in April
2003- by 0.12% and 0.25% respectively. However, the Indian
rupee depreciated by 2.43% against the pound sterling and
4.01% against the Euro during the month. The forward
exchange rate premia of the US dollar crashed during the
month due to extensive short selling following expectations
of a further appreciation of the dollar.
Industrial recovery and
the booming exports also gave a push to the non-oil imports,
which went up by 13.3% in 2002-03 as against the 7.5%
increase in the previous year.
Quarterly figures show
that external trade has slowed down in the fourth quarter
frm the peak levels achieved earlier.
EXPORT
GROWTH: APRIL-DECEMBER 2002-2003 (% CHANCE)
|
|
Share in
2002-03 % |
Growth in
April-December 2002-02 % |
Growth in
April-December 2002-03 % |
|
America |
25.0 |
-11.6 |
30.0 |
|
OW: United
States |
21.1 |
-12.9 |
30.6 |
|
European
Union |
21.6 |
-5.2 |
16.3 |
|
Other
European
Countries |
3.9 |
-9.1 |
6.9 |
|
Asia |
28.4 |
2.1 |
31.4 |
|
OW: China |
3.3 |
15.9 |
86.3 |
|
Middle East |
12.9 |
0.8 |
35.7 |
|
Africa |
6.1 |
24.8 |
6.6 |
|
All
Countries |
100 |
-1.9 |
20.0 |
Note: OW = Of
which Source: CMIE |
General Section
