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Exports slower, deficit yawns

The country’s exports increased by a slower 10.4% in Sep, while a rising import bill on the back of a growing crude oil bill arising from a falling rupee has raised concerns about a yawning trade deficit.

business Updated: Nov 03, 2008 20:42 IST
HT Correspondent

The country’s exports increased by a slower 10.4 per cent in September, while a rising import bill on the back of a growing crude oil bill arising from a falling rupee has raised concerns about a yawning trade deficit.

Oil imports during September were valued at $9.1 billion, 57.1 per cent higher than $5.8 billion in the corresponding period last year.

Oil imports during the first six months of the current fiscal year (April-September 2008) were valued at $55.1 billion, up 59.2 per cent from last year’s $34.6 billion.

India imports about 75 per cent of its crude oil requirements. A falling rupee that is hovering around the 49 to a dollar mark, has prevented the country’s refining companies from reaping the benefits of a nearly 50 per cent drop in global oil prices since July.

India exported $158 billion worth goods last year, slightly under a third of which were to the US.

Exports during April to September were up 30.9 per cent at $95 billion from a year, nearly the half of this year’s $200 billion target.