IndiaTrade gap widens as oil imports surge

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Trade gap widens as oil imports surge NEW DELHI: A whopping 92 per cent rise in the oil import bill widened the country's trade gap to $4.3 billion, despite a robust 24 per cent growth in exports during the first five months of this fiscal.

India's trade deficit increased by 9.2 per cent to $4.29 billion (Rs 19,034.97 crore) during the period April-August 2000, as against $3.93 billion (Rs 17,089.13 crore) in the corresponding period last year.

The widening of trade gap was on account of higher oil imports at $6.899 billion, which grew by 91.65 per cent from previous year's level of $3.6 billion, the Directorate General of Commercial Intelligence and Statistics (DGCI&S) said in a statement.

Non-oil imports, however, grew by a marginal 2.78 per cent to $14.845 bn compared to $14.443 bn last year.

While exports grew by 23.66 per cent to $1.745 bn during the first five months as compared to $1.411 bn during the same period last year, imports increased by 20.51 per cent to $2.174 bn from $1.804 bn during April-August 1999.

In rupee terms, exports stood at Rs 77,776.99 crore during the period, which is 27.89 per cent higher than previous year's level of Rs 60,813.17 crore.

Imports, on the other hand, grew by 24.31 per cent to Rs 96,811.96 crore as against Rs 77,882.30 crore in the first five months a year ago.

However, trade gap was lower for the month of August due to better export performance. The trade gap was lower at $529.14 mn (Rs 2,417.10 crore) as against $799 mn (Rs 3,472.42 crore) in the previous year.

The growth of imports was lower at 6.87 per cent while exports grew by 17.46 per cent during the month.

Exports stood at $3.602 bn during the month as against $3.067 bn dollars during the same month a year ago, the DGCI&S said.

In rupee terms, the growth in exports was 23.46 per cent at Rs 16,454 crore as against Rs 13,327 crore in August 1999.

http://www.timesofindia.com/021000/02busi4.htm

-- Martin Thompson (mthom1927@aol.com), October 02, 2000


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