NEW DELHI: THE export scenario continues to be dismal with the first quarter of the 1997-98 fiscal registering a negative growth over the corresponding period period last year. The growth achieved was a measly 0.95 per cent in this period.

The current fiscal started with a negative growth rate of 10.06 per cent in April over the same month of 1996. The rate further dropped to 1.98 per cent in April-May over the corresponding period last year.

Exports are valued at $ 8,134.95 million against $ 8,212.87 million, as per the latest official trade data released by the commerce ministry on Friday. Imports at $ 9,532.30 million, too, were only marginally higher by 4.22 per cent than the $ 9,146.27 million level in the above period. This indicates that lull in industrial activity continues.

Even in June 1997, exports perked by only 2.53 per cent to $2,660.11 million from $ 2,594.41 million in June 1996. Imports during the same period were up by 10.66 per cent, from $ 2,807.06 million to $ 3,106.40 million.

Oil imports during April-June 1997 were valued at $2,058.45 million, 9.89 per cent lower than those at $ 2,284.24 million in April-June 1996. Non-oil imports during the same period rose by 8.42 per cent from $ 6,862.03 million to $ 7,473.85 million.

The trade deficit stood at $ 1,397.45 million, which was higher than the $933.4 million in April-June 1996.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.