Export growth moderates on petroleum products decline: RBI

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Mumbai, Jun 15 (UNI) India's Merchandise exports growth moderated during the financial year 2007-08 as the petroleum products, engineering goods and manufacturing goods exhibited deceleration in export growth.

According to Reserve Bank of India's (RBI's) monthly bulletin for June, Country's exports posted a moderate growth of 22.9 per cent at USD 155.4 billion for FY08, marginally higher from 22.6 per cent in the previous year. The export growth during the period was even lower than the average growth of 23.5 per cent recorded during the previous five years, 2002-2007.

RBI said that manufacturing goods exhibited moderation in export growth during April-January 2007-08. Export growth in this segment declined at 16.6 per cent during the period from 18.9 per cent a year before, due to deceleration in the exports of chemicals, engineering goods and textiles, even though exports in gems and jewellery gained substantial growth.

Whereas, export in engineering goods exhibited deceleration, sharply fell at 18.9 per cent from 38.8 per cent in the previous year due decline in export of iron and steel and deceleration in machinery, instruments and electronic goods, RBI stated.

Meanwhile, export of petroleum products plunged at 36.7 per cent during the April-January 2007-08 from 66.7 per cent a year ago.

However, gems and jewellery showed a sharp rise of atleast seven fold growth in export to 23.8 per cent during the same period from 3.6 per cent a year ago. US, Hong Kong and UAE were the major markets for gems and jewellery export, RBI added.

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