Staff Reporter | 02 May, 2008
Commenting on the export data released on Thursday for financial year 2007-08, Ganesh Kumar Gupta, President, Federation of Indian Export Organisations (FIEO) said that the export of USD 155 billion despite 12% appreciation in Rupee appreciation in 2007 and moderate growth in the world trade shows the resilience of Indian exporters.

President, FIEO hoped that 2008 would provide more stability on the exchange front and add to competitiveness of Indian exports in view of greater appreciation of currencies in China, EU, Philippines, Thailand, Hong Kong etc.

The growing trade deficit is a cause of concern said FIEO Chief, but is understandable in view of more than 50% increase in international prices of crude oil and sizeable increase in the prices of metal.

India's exports during March, 2008 were valued at US $ 16282.79 million which was 26.59 percent higher than the level of US $ 12862.40 million during March, 2007.

Exports slowed in March, missing the annual target for overseas sales, as a stronger rupee and weakening global growth hurt shipments of clothes, steel and other goods.

March shipments rose 26.6 percent to $16.3 billion from a year earlier, slower than a 35.3 percent gain in February, the government said in a release.

In rupee terms, exports touched Rs. 65710.71 crore, which was 16.04 percent higher than the value of exports during March, 2007. Cumulative value of exports for the period April-March, 2008 was US$ 155512.49 million (Rs. 625471.22 crore) as against US $ 126413.99 million (Rs. 571779 crore) registering a growth of 23.02 percent in dollar terms and 9.39 percent in rupee terms over the same period last year.

India's imports during March, 2008 were valued at US $ 23174.94 million representing an increase of 35.24 percent over the level of imports valued at US $ 17136.46 million in March, 2007.

In rupee terms, imports increased by 23.96 percent. Cumulative value of imports for the period April- March, 2008 was US $ 235910.73 million (Rs. 949133.82 crore) as against US $ 185735.17 million (Rs. 840506 crore) registering a growth of 27.01 percent in dollar terms and 12.92 percent in rupee terms over the same period last year.

Oil imports during March, 2008 were valued at US $ 8633.14 million which was 76.6 percent higher than oil imports valued at US $ 4888.47 million in the corresponding period last year. Oil imports during April-March, 2008 were valued at US $ 77033.57 million which was 35.28 percent higher than the oil imports of US $ 56945.25 million in the corresponding period last year.

Non-oil imports during March, 2008 were estimated at US $ 14541.79 million which was 18.73 percent higher than non-oil imports of US $ 12247.99 million in March, 2007. Non-oil imports during April-March, 2008 were valued at US $ 158877.15 million which was 23.36 percent higher than the level of such imports valued at US$ 128789.74 million in April- March, 2007.

The trade deficit for April-March, 2008 was estimated at US $ 80398.24 million which was higher than the deficit at US $ 59321.18 million during April-March, 2007.