India’s imports exceed exports by $13.9 bn in August

October 1st, 2008 - 8:10 pm ICT by IANS  

New Delhi, Oct 1 (IANS) India’s imports exceeded exports by $13.94 billion in August this year, said commerce and industry ministry Wednesday, which may widen the country’s current account deficit (CAD) if the trend is not reversed in coming months.The ministry in a statement said India’s exports stood at $16.01 billion in August, while imports were valued at $29.95 billion, an increase of 51.2 percent over the level of imports valued at $19.81 billion the same month last year.

The CAD is a reflection of the trade situation when imports exceed exports. The Prime Minister’s Economic Advisory Council (EAC) has estimated CAD at 3.2 percent of the gross domestic product (GDP) in the current fiscal, as against 1.5 percent in 2007-08.

The commerce ministry said India’s exports were, however, up 26.9 percent at $16.01 billion this August, as compared to $12.61 billion in the corresponding month last year.

The ministry said the cumulative value of exports for April-August this year was Rs.342,477 crore or $81.23 billion, as against Rs.246,180 crore or $601.01 billion, registering a growth of 35.1 percent in dollar terms and 39.1 percent in rupee terms.

India’s imports this August were valued at $29.95 billion - representing an increase of 51.2 percent over the level of imports valued at $19.81 billion the same month last year, said the ministry.

The cumulative value of imports for April-August this year was $130.36 billion (Rs.550,123 crore) as against $94.66 billion (Rs.387,791 crore), registering a growth of 37.7 percent in dollar terms and 41.9 percent in rupee terms, said the ministry.

India’s oil imports in August were valued at $10.96 billion, which was 76.7 percent higher than oil imports of $6.2 billion in the last corresponding period.

Oil imports during April-August this year were of the order of $45.97 billion, 59.6 percent higher than the oil imports of $28.8 billion in the last corresponding period.

According to the ministry, non-oil imports in August this year were estimated at $18.98 billion, 39.6 percent higher than non-oil imports of $13.6 billion in August last year.

“The non-oil imports during April-August this year were at $84.4 billion, which was 28.2 percent higher than the level of such imports of $65.85 billion in the last corresponding period,” said the ministry in a statement.

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