Indian export growth,increase growth of merchandise exports,growth of export import,india's global competitiveness,conducive Foreign Trade Policy

India's export story is getting shinier by the day. In keeping with the past three years' growth pattern, India's merchandise exports grew by a record 30 percent in first two months of current fiscal.

During May 2006 alone, merchandise exports were valued at US$ 9358.06 million, a record 29.59 percent jump from US$ 7221.36 million during May 2005. This translates into a 35.31 percent growth in rupee terms at Rs 42492.42 crore up from Rs 31404.91 crore during May 2005.

Seventy six percent of merchandise exports consisted of manufactured items, against 50 percent of merchandise imports.

During April-May 2006, the exports were valued at US$ 17704.85 million, up 28.40 percent from US$13789.35 million during the same period last year. In rupee terms, the exports were Rs 80010.50 crore during April-May 2006, which is 33.05 percent higher than the level of Rs 60134.09 crore during April-May 2005.

And a buoyant Kamal Nath, the Union Commerce Minister, says: "The continued double-digit 20 percent-plus growth in India's merchandise exports for the third year in succession reflects, among other things, the growing global competitiveness of the Indian manufacturing sector and the conducive framework of the Foreign Trade Policy."

India's imports during May 2006 are valued at US$ 13193.35 million representing an increase of 21.67 percent over the level of imports valued at US$10843.18 million in May 2005. In rupee terms, the imports were Rs 59907.42 crore which is 27.04 percent higher than the level of Rs 47,155.81 crore during May 2005.

Total imports during April-May 2006 were valued at US$ 25788.75 million which is 22.79 per cent higher than the level of US$ 21002.82 million during April-May 2005. In rupee terms, the imports were Rs 116522.65 crore, which is 27.21 per cent higher than the level of Rs 91595.27 crore during April-May 2005.

Meanwhile, oil imports during May 2006 cost the state exchequer US$ 4151.31 million, up 27.34 percent from US$ 3260.14 million in the corresponding period last year. Oil imports during April-May 2006 were valued at US$ 8344.95 million.

Non-oil imports during May 2006 were estimated at US$ 9042.04 million, which is 19.24 percent higher than the level of such imports valued at US$ 7583.04 million in May 2005. Non-oil imports during April-May 2006 were estimated at US$17443.80 million which is 19.04 percent higher than the level of such imports valued at US$ 14653.83 million in April-May 2005.