Date:02/05/2008 URL: http://www.thehindu.com/2008/05/02/stories/2008050253591800.htm

Business

Exports up 23 % at $155 b

Special Correspondent

Trade deficit soars to $80 billion; oil imports up 35.28 per cent

NEW DELHI: The cumulative value of Indian exports registered a growth of 23.02 per cent in dollar terms at $155.51 billion (9.39 per cent in ruppe terms at Rs. 6,25,471.22 crore) in 2007-08 as against $126.41 billion (Rs. 5,71,779 crore) in 2006-07, according to the latest data released by the Ministry of Commerce here on Thursday.

On the other hand, imports for the said period were valued at $235.91 billion (Rs. 9,49,133.82 crore) as against $185.73 billion (Rs. 8,40,506 crore), registering a growth of 27.01 per cent in dollar terms and 12.92 per cent in rupee terms. For March, exports were valued at $16.28 billion (Rs. 65,710.71 crore), registering an impressive growth of 26.59 per cent compared to $12.86 billion in March 2007, while imports were valued at $23.17 billion, an increase of 35.24 per cent over the level of imports valued at $171.36 billion in March, 2007.

The trade deficit soared to an estimated $80.39 billion in 2007-08 against $59.32 billion in 2006-07, mainly due to oil imports that went up by 38.25 per cent.

It was the soaring crude oil prices, which mostly remained over $100 a barrel last fiscal, that led to increase in trade deficit. Oil imports shot up by 35.28 per cent to $77.03 billion in 2007-08 from $56.94 billion in the previous year, while non-oil imports increased by 23.36 per cent to $158.88 billion in 2007-08. In March 2008, oil imports shot by a whopping 76.6 per cent to $8.63 billion from $4.88 billion in the year-ago period.