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Hegde, Sinha to check fall in exports

Commerce Minister Ramakrishna Hegde and Finance Minister Yashwant Sinha have agreed to work out on a priority basis a package of measures to check the negative trend in exports witnessed during April-May 1998.

Hegde and Sinha, who met in New Delhi, discussed sector-wise problems, including the issue of export credit.

During the meeting, the two ministers also agreed on a series of measures, particularly in respect of the products which have shown a negative trend.

During April-May 1998-99 exports are estimated at $ 4994.35 million which is 7.54 per cent lower than the level of $ 5401.41 million during April-May 1997-98. In rupee terms, the cumulative export growth rate is higher at 3.4 per cent during this period.

Exports during May 1998 are valued at $ 2369.37 million which is 17.22 per cent lower than the level of $ 2862.33 million in May 1997.

Imports during April-May 1998-99 are estimated at $ 6850.48 million which is 9.71 per cent higher than the import level of $ 6243.91 million during the same period last year.

Oil imports during April-May 1998-99 are valued at $ 919.91 million which is 34 per cent lower than oil imports valued at $ 1393.90 million in the corresponding period last year.

Non-oil imports during April-May 1998-99 are estimated at $ 5930.57 million which is 22.28 per cent higher than the level of such imports valued at $ 4850.01 million in April-May 1997-98.

Imports during May 1998 are valued at $ 3347.92 million representing a growth of 4.25 per cent over the level of imports valued at $ 3211.47 million in May 1997.

The trade deficit for April-May 1998-99 is estimated at $ 1856.13 million which is higher than the deficit at $ 842.51 million during April-May 1997-98.

UNI