From the beginning of the new year, the good news continues on the economic front. Following on the heels of encouraging GDP growth figures for the second quarters, we now have happy tidings on the trade front as well. November 2002 saw the country's exports record a healthy 16% increase compared to the corresponding period last year. With this, the growth rate in exports for the first eight months of the current fiscal now stands at a robust 16%. Of course part of the reason for this apparently encouraging performance is because of the base effect - exports actually fell 1.8% during 2001-2002. But that is only part of the reasons. For the rest, recovery in global trade and to give credit where it is due, concerted efforts by exporters have played no small role.

The percentage growth in exports during 2002-2003 was mainly due to the decreased volume of exports during 2001-2002.