The Hindu : Business : Oil imports mount to $20 b in April-November

Online edition of India's National Newspaper
Tuesday, Dec 14, 2004

Business

Business

Oil imports mount to $20 b in April-November

By Our Special Correspondent

NEW DELHI, DEC. 13. Indian exports rose by 25.91 per cent year-on-year in November this year to $6.09 billion, pushing up growth in the first eight months of this fiscal to 24.02 per cent translating into exports of $46.3 billion.

Similarly imports during April-November 2004 also showed a 34.4 per cent growth at $64.2 billion, thus increasing the trade deficit to $17.8 billion from $10.3 billion in the same period last fiscal largely on account of oil imports.

According to an official statement, in November imports grew 43.12 per cent year-on-year to $9 billion. During the month the trade deficit increased to $2.9 billion from $1.4 billion in the same month last year. However, in rupee terms exports in April-November grew 22.14 per cent to Rs. 211,141.19 crores while imports were up 32.43 per cent to Rs. 292,565.61 crores.

Exports in rupee terms in November grew 24.81 per cent to Rs. 27,514 crores while imports were up 41.87 crore to Rs. 41,806.20 crores. Oil imports in April-November 2004 stood at $19.9 billion, which is 55.79 per cent higher than last fiscal's figures. Non-oil imports in the first eight months were 26.67 per cent higher at $44.32 billion.

"If it had not been for the high cost of petroleum, we would not have had a negative balance of trade. ,'' the statement quoting the Commerce and Industry Minister, Kamal Nath, said.

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