Mumbai: India’s exports grew by 22.9% in FY08, marginally higher than a 22.6% growth registered in the previous fiscal, the Reserve Bank said.
Exports stood at $155.4 billion in 2007-08, against $126.4 billion in the previous fiscal, mainly driven by a huge jump in engineering goods, gems and jewellery and petroleum products, RBI said in its June bulletin.
RBI said the growth in exports, during FY’08, was close to the average export growth of 23.5% recorded during the previous five years, indicating a strong upward momentum, the apex bank said.
“Of the total exports, agriculture and allied products, engineering goods, gems and jewellery and petroleum products alone contributed 68% of the export growth during April-January FY08,” RBI said.
However, the growth in exports of petroleum products sharply decelerated to 36.7% as compared to 66.7% in the year-ago period.
Meanwhile, manufactured goods exhibited moderation in export growth in April-January period owing to deceleration in the exports of chemicals, engineering goods and textiles.
“Country’s imports, during the period, registered a higher growth at 26.9% as against 24.5% a year ago, on the back of higher growth in both oil and non-oil imports,” RBI said in the bulletin.
Total imports in FY08 stood at $235.7 billion, up 26.9% from the last year’s mark of $185.7 billion, RBI said.
“Non-oil imports, during the period, recorded a 23.5% growth in FY08, contributing about 60% to the overall import growth led by capital goods, gold and silver,” the apex bank said.
During the period, among the other major non-oil products, oil, fertilizers, iron and steel, pearls, precious and semi-precious stones, chemicals, textiles, coal, coke and briquettes showed accelerated growth in imports.
Meanwhile, the average price of Indian basket of crude oil rose by 27.4% to $79.5 per barrel from $62.4 per barrel in FY07, the data said.
While India’s exports to US declined to 13.3% during the April-January period, against 15.1% a year ago, China was the major source of imports constituting 11.6% of total imports.
The trade deficit, during FY08, surged to $80.4 billion, up by $21 billion as compared to last year’s deficit of $59.4 billion.