The Hindu Business Line : Non-oil imports spurt 37.16 pc — Exports up 23 per cent in April-August

The latest foreign trade data made available by the Government today shows that there has been a spurt in non-oil imports during April-August this year, reflecting the buoyancy in the economy.

During the first five months of the current fiscal, non-oil imports increased by 37.16 per cent to reach $36,763.28 million. Such imports in the corresponding period of the last fiscal had grown by 21.57 per cent and were valued at $26,802.87 million.

At the same time, oil imports during April-August 2005 are estimated at $16,427.86 million, an increase of 36.87 per cent. Last year, during the same months, oil imports were higher by a whopping 54.83 per cent and were valued at $12,002.13 million.

Cumulatively, imports during April-August 2005 amounted to $53,191.14 million, an increase of 37.07 per cent over $38,805 million during April-August 2004.

According to provisional figures collated by the Directorate General of Commercial Intelligence and Statistics and released by the Commerce Ministry, the country's exports during the first five months of the current fiscal are estimated at $35,759.90 million, 23 per cent higher than $29,076.46 million during the corresponding months of 2004.

With imports being higher than exports, the country's trade deficit went up from $9,728.54 million during April-August 2004 to $17,431.24 million in April-August 2005.

As for August 2005 alone, exports grew nearly 25 per cent in dollar terms, unfazed by the torrential rains that disrupted movement of cargo at the country's major entry-exit point in Mumbai.

Imports during August 2005 are estimated at $10494.86 million signifying an increase of 32.44 per cent over $7924.14 million in August 2004.

Officials in the Commerce Ministry told Business Line here that there has been an across-the-board salutary performance of exports particularly items such as chemicals and related products, machinery, marine products and agriculture and allied products during the period under review. They are quite optimistic about the target of $92 billion set for the fiscal being fulfilled without any hitch as was demonstrated during July/August when heavy rains hit Mumbai and other parts of Maharasthra.

As the country's foreign trade has been doing exceptionally well during the current fiscal, the Union Commerce and Industry Minister, Mr Kamal Nath, told Indian trade negotiators going to Geneva for agricultural trade negotiations that "the bottomline for India in the WTO negotiations should be what do we gain from it in sectors of concern to us."

Chairing a marathon meeting here last night on issues in the ongoing Doha Round of trade talks, Mr Nath underscored the need to actively focus on the gains for the country and how to strategise for it, even while pursuing the country's crucial defensive interests in the negotiations.

There was a presentation by the Ambassador to the WTO on the current state of play in the negotiations, the release said.

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