Exports grow 18% in Nov

Exports grow 18% in Nov

Exports turn positive for the first time in 13 months

Exports grow 18% in Nov

Rahul Khullar briefing reporters in New Delhi.

Briefing reporters here Commerce Secretary Rahul Khullar said “Exports touched US$13.2 billion in November this year compared to US$11.16 billion in the same month last year. But still there is no great shift in global demand for Indian merchandise.”

Negative zone

Cumulatively country’s export growth rate during April-November in the current fiscal compared to the corresponding period in the previous fiscal continued to remain in negative zone.

During April-October of current fiscal merchandise export declined by 26.5 per cent to US$90.4 billion. “We can expect overall cumulative growth rate of export to turn positive from January 2010 with the pick up of global demand for Indian products,” Khullar said.

The surge export in November is due to improved performance in gems and jewellery, which grew by over 40 per cent to US$2.15 billion as against US$1.6 billion. While export of petroleum products improved to US$2.4 billion in November as against US$1.3 billion in the same month last year; export of ready made garments rose to US$727 million as against US$686 million in November last year. Though the overall export is expected to enter positive zone from January 2010, country’s total export may range between US$160 billion and US$165 billion in 2009-10 compared to 185 billion dollars in 2008-09.

FDI inflows

Meanwhile, Foreign direct investment (FDI) into India in the April-October period was $17.65 billion, down 5.7 per cent from $18.71 billion in the same period in 2008, government data said on Tuesday, reports Reuters.

FDI flows in October were $2.332 billion, up from $1.497 billion in the same month last year, the data showed.