Trade gap widens as oil imports surge

NEW DELHI, OCT. 2. A whopping 92 per cent rise in oil import bill widened the country's trade gap to $4.3 billion despite a robust 24 per cent growth in exports in 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 crores in rupee terms) during April-August 2000 as against $3.93 billion (Rs. 17,089.13 crores) 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 crores during the period, which is 27.89 per cent higher than previous year's level of Rs. 60,813.17 crores.

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

- PTI

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