The Hindu : Business : Oil imports up 62 p.c. at $9.9 billion in April-July

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Wednesday, Aug 18, 2004

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Business

Oil imports up 62 p.c. at $9.9 billion in April-July

By Our Special Correspondent

NEW DELHI, AUG. 17 . Exports continued to surge this year with 18.8 per cent growth in July, bringing the overall increase since April to 25.5 per cent. This is considerably higher than the growth of 4.8 cent recorded April-July 2003-04. Imports are rising even faster at 33.48 per cent over the four month period, leading to a widening trade gap. It has risen to $8.5 billion from $5.3 billion.

According to the latest official data released here today, the value of oil imports has shot up over this period due to spiralling international crude oil prices. Total oil imports during April-July 2004-05 are estimated at $9.9 billion, which is nearly 62 per cent higher than the oil imports of $6.1 billion over the same period last year. Non-oil imports, on the other hand, rose by 23.07 per cent to touch $20.5 billion from $16.7 billion. Total imports are estimated at $30.4 billion , a rise of 33.48 per cent over $22.8 billion.

The data released by the Commerce Ministry show that exports rose in the first four months by 25.57 per cent to $21.9 billion from $17.4 billion over the same period last year.

Exports during July alone are estimated at $5.4 billion, 18.81 per cent higher than the level of $4.5 billion in the same month last year. Imports rose by 31.6 per cent to $7.4 billion from $5.6 billion. In rupee terms, exports in the first four months grew at a slower pace of 21.2 per cent to reach Rs. 99,153.71 crores as compared to the same period last year. Exports during July stood at Rs. 25,014.59 crores, which was 18.33 per cent higher than the exports recorded in July 2003.

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