Surge in oil imports

NEW DELHI, SEPT. 2. After a near 30 per cent growth in the first quarter of this fiscal, exports dipped to 16.46 per cent in July, while oil imports nearly doubled to $5.46 billion during April- July.

According to the monthly trade data cumulative exports in the first four months of this financial year however grew at 24.43 per cent in the wake of high growth in the first quarter.

Total exports in July were valued at $3.55 billion as against $3.05 billion in July 1999 and the cumulative exports from April to July, 2000 were put at $13.84 billion against $11.04 billion in the corresponding period in 1999.

Oil imports during April-July 2000 recorded a 98.25 per cent growth as compared to $2.75 billion in the corresponding period in 1999. Imports continued to surge mainly due to the burgeoning oil import bill and from April-July this year, the growth was put at 24.82 per cent and in July it was not as pronounced at 20.12 per cent.

The trade deficit continued to be high at $3.71 billion in April- July 2000 against $3.02 billion in the corresponding period in 1999.

Imports in the first four months of this fiscal were put at $17.56 billion as compared to $14.07 billion in the previous year. Imports in July were valued at $4.29 billion against $3.57 billion in July 1999.

Non-oil imports during April-July were estimated at $12.10 billion, registering a mere 6.95 per cent growth as compared to $11.31 billion in April-July,1999.

In rupee terms, exports maintained the near 30 per cent growth and were valued at Rs. 61,323 crores during April-July recording a 29.19 per cent growth.

In July, 2000 the growth was 20.48 per cent as exports were valued at Rs. 15,914 crores. In rupee terms, imports grew by 24.26 per cent in July this fiscal.

- PTI

Send this article to Friends by E-Mail

Section  : Business
Next     : Marginal drop in forex reserves