|
|
 Email |  Discuss | Get latest news on your desktop
Exports, etc
October 24, 2008
External Sector
Exports increased by 35.3 per cent in US dollar terms during April-August 2008 as compared with 19.3 per cent in the corresponding period of the previous year. Imports rose by 38.0 per cent as compared with 34.2 per cent in the corresponding period of the previous year.
While non-POL imports decelerated to 28.3 per cent from 42.7 per cent a year ago, the surge in international crude oil prices resulted in POL imports increasing by 60.0 per cent as compared with 17.9 per cent in the corresponding period of the previous year.
The foreign exchange reserves declined by US$ 35.8 billion during the current financial year so far and stood at US$ 273.9 billion on October 17, 2008.
During the current financial year so far, the rupee depreciated by 18.9 per cent against the US dollar, by 0.4 per cent against the euro, by 1.1 per cent against the pound sterling and by 19.1 per cent against the Japanese yen.
Global Developments
During the first nine months of 2008, the slowdown in global growth spread across developed economies in an environment of heightened uncertainty.
Global economic prospects have been dampened by the weakening of the US economy, the wider repercussions of the ongoing financial market crisis and volatility in the energy, food and commodity prices.
According to the World Economic Outlook (WEO) of the IMF released in October 2008, global real GDP growth on a purchasing power parity basis is expected to decelerate from 5.0 per cent in 2007 to 3.9 per cent in 2008 (4.1 per cent in WEO Update, July 2008) and further to 3.0 per cent in 2009 (3.9 per cent in WEO Update, July 2008).
In the US, real GDP growth slowed to 2.8 per cent in the second quarter of 2008 from 3.8 per cent a year ago. . The October 2008 WEO of the IMF expects the US economy to slow from 2.0 per cent in 2007 to 1.6 per cent in 2008 and further to 0.1 per cent in 2009.
Globally, inflation has softened in several countries in recent months. There has been an overall decrease in prices of food, crude oil and metals since July 2008 which is contributing to the easing in consumer price inflation across the globe.
Image: The American dollar has shot up in value against the rupee. | Photograph: Christopher Furlong/Getty Images
Also read: US crisis: Boom time for law BPOs in India
| Live updates on money.rediff.com |
|
|
|
|
Advertisement
