Export Growth Decelerates To 12.9pc In May - July 2, 2008

After reporting a hefty growth of 31.5 per cent at $ 14.40 billion in April, the country''s exports displayed a distinct decelerate in momentum in the second month of the current fiscal, logging a growth of 12.9 per cent at $13.78 billion in May 2008. Cumulatively, exports during the first two months of the current fiscal at $28.18 billion were 21.7 per cent higher than $23.16 billion it recorded during April-May 2007. In rupee terms, exports during the first two months of the current fiscal at Rs 1,15,690 crore were 20.6 per cent higher than Rs 95,958 crore in the corresponding months of the previous fiscal, reflecting the gathering reduction of the rupee vis-a-vis the greenback in the current fiscal. Even as export growth displayed marked slowdown in the second month as compared to the initial month of the current fiscal, imports during May 2008 at $24.5 billion displayed a high growth of 27.1 per cent over the level of imports at $19.31 billion in May 2007. In April, 2008, import growth was 36.6 per cent at $ 24.27 billion against $17.76 billion in April 2007. In May, 2008, oil imports cost $8.4 billion against $5.6 billion in May 2007, reflecting the huge increase in global crude prices in recent months.