The Hindu : Business : Trade gap widens to $30 b in April-Oct.

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Wednesday, Nov 29, 2006
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Trade gap widens to $30 b in April-Oct.

Special Correspondent

Oil imports shoot up by 40 p.c.

NEW DELHI: The growth rate of exports has slowed down to 19 per cent in October but imports have continued rising by over 39 per cent, leading to a rise in the trade deficit.

According to the latest official data released here on Tuesday, the trade gap for April to October this year has risen to $30.2 billion from $23.5 billion at the same period last year.

A major factor contributing to high growth in imports has been the rising cost of crude oil imports, which rose by as much as 55.35 per cent in October as against about 29 per cent in the case of non-oil imports. Over the first seven months of the current fiscal (April-October 2006), the data show that crude oil imports have risen by 39.45 per cent, while non-oil imports have increased at a much slower rate of 13.5 per cent.

The data, released by the Directorate General of Commercial Intelligence and Statistics, reveal that exports during April-October have risen by 34.96 per cent to $69.52 billion. Overall imports have risen at a lower rate of 32.95 per cent at $99.75 billion against $75.03 billion in April-October last year.

Crude oil imports reached $5.34 billion in October as against $3.44 billion in the corresponding month of 2005.

Cumulative oil imports for the April-October period this fiscal reached a level of $34 billion as against $24.38 billion in the corresponding period last year.

Non-oil imports are estimated at $10.48 billion during October against $8.13 billion in October 2005. Non-oil imports during April-October this year grew by 13.5 per cent at $65.74 billion, as compared to $57.92 billion in the corresponding period in 2005.

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