The Telegraph
Since 1st March, 1999
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Exports grow 34% in December

New Delhi, Feb. 1: (PTI) India’s exports recorded an all time high growth of 34 per cent in December but the new commerce and industry minister Arun Jaitley today ruled out the possibility of revising upwards the 12 per cent export target for the current fiscal.

As per the provisional trade data released today, exports during December was valued at $ 4.36 billion against $ 3.25 billion the previous year, while the cumulative export growth during April-December was 20.36 per cent.

During the first three quarters of this fiscal, exports was put at $ 38.12 billion compared with $ 31.67 billion during the previous corresponding period.

Commenting on the growth, Jaitley said, “this (export growth) is perhaps one of the highest ever increase exports have witnessed. The annual target is close to $ 50 billion. With these kinds of figures, it now seems reasonably possible to achieve that figure”.

Stating that there was no proposal to revise the target upwards, he said exports of $ 38 billion during April-December 2002 was particularly commendable since several other countries in the south Asian region like Malaysia, Thailand and Indonesia had recorded negative growth during this period.

Even China recorded a lower growth of 30.2 per cent compared with over 34 per cent by India during December, he said but pointed out that China’s growth during April-December was marginally higher.

“While India’s cumulative growth rate during the first nine months was around 20 per cent, China registered a marginally higher growth of around 25 per cent,” he said.

Commerce secretary Dipak Chatterjee pointed out that since the export data released today were only quick estimates, there was a strong possibility that these figures could be revised upwards when final data is collated.

Jaitley said the surge in exports should also be seen in the light that it had occurred despite appreciation of the rupee in comparison to other currencies in the region.

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