New Delhi, Oct 1: India's exports went up by 27 per cent in Aug but rise in imports by over 51 per cent in the same month increased the country's trade deficit to 49.14 billion dollars in first five months of current fiscal, government data released on Wednesday, Oct 1 said. The country's exports at 16 billion dollars in August went up by 26.9 per cent from 12.61 billion dollars in Aug, 2007.
However, imports during the comparable months of two years were 29.94 billion dollars and 19.80 billion dollars, a jump of 51.2 per cent. The export-import differential increased India's trade deficit in April-August 2008 to 49.14 billion dollars from 34.54 billion dollars during the comparable period in 2007, Commerce Ministry said in a statement.
Against target of 200 billion dollars in the current fiscal, exports in April-August totalled 81.22 billion dollars, which was 35.1 per cent more than 60.10 billion dollars in the corresponding period of 2007.
India's exports in 2007-08 totalled a little over 155 billion dollars against target of 160 billion dollars.
Fuelled by oil imports, the country's imports bill went up by 51.2 per cent to 29.94 billion dollars in August over 19.80 billion dollars in August, 2007. The first five months' imports totalled 130.36 billion dollars as against 94.66 billion dollars in April-August 2007, up 37.7 per cent.
Sharp surge of oil imports valued at 10.96 billion dollars in August was 76.8 per cent more than 62.02 billion dollars in the year ago month.
Cumulative oil imports in first five months of current fiscal at 45.96 billion dollars was 59.6 per cent higher than oil imports of 28.79 billion dollars in the corresponding period of previous year.
Non-oil imports in August at 18.98 billion dollars also went up by 39.6 per cent from 13.60 billion dollars in August, 2007, with the total in five months rising to 84.39 billion dollars, an increase of 28.2 per cent over such imports which were valued at 65.84 billion dollars in April-August, 2007, the statement added.