Trade gap widens as oil imports surge up 92% during Apr-Aug

OCT 1: India's trade deficit increased by 9.2 per cent to $ 4.29billion (Rs 19,034.97 crore) during the period April-August 2000 as agains...

OCT 1: India’s trade deficit increased by 9.2 per cent to $ 4.29billion (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 the 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 billion as compared to $14.443 billion last year. While exports grew by 23.66 per cent to $1.745 billion during the first five months as compared to $1.411 billion during the same period last year, imports increased by 20.51 per cent to $2.174 billion from $1.804 billion 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.