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Business News/ Home-page / Exports up 31% in April; oil sends import bill soaring
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Exports up 31% in April; oil sends import bill soaring

Exports up 31% in April; oil sends import bill soaring

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PTI

New Delhi: India began fiscal 2008-09 with an impressive 31.5% growth in exports, but the surge in oil prices pushed the import expansion to 36.6% in April.

Exports grew to $14.4 billion in April 2008-09, against $10.95 billion a year ago.

Imports, fueled by a big rise in purchase of crude oil from abroad, went up to $24.27 billion against $17.76 billion.

Trade deficit widened to $9.87 billion in the opening month of the current fiscal against $6.81 billion in the same period last year.

Oil imports amounted to $8.02 billion, up 46.2% over the same month last year.

The export performance in April was seen as commendable in the backdrop of the impact of strong rupee on exporters’ margins in 2007-08 when the overall growth was limited to 23.02%.

While the rupee started losing ground since May, the positive impact on imports could be seen in the next few months.

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Published: 02 Jun 2008, 03:54 PM IST
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