Mumbai: The county's trade deficit rose to an estimated $30.42 billion for the first quarter of the current fiscal (April-June 2008-09) up from the deficit of $21.47 million during April-June 2007-08.

The spike in import bill has been due mainly to rising crude prices, which pushed up the country's oil bill by 53.4 per cent to $9.03 billion in June this fiscal.

Exports during June 2008 grew to $14.66 billion, up 23.5 per cent over $11.87 billion during June 2007.

In rupee terms, exports touched Rs62,790 crore, which was 29.7 per cent higher than the value of exports during June 2007.

The cumulative value of exports for the period April-June 2008-09 was $42.846 billion (Rs178,480 crore) as against $35.03 billion (Rs144,358 crore) registering a growth of 22.3 per cent in dollar terms and 23.6 per cent in rupee terms over the same period last year.

Imports during June 2008 were valued at $24.45 billion, up 25.9 per cent over the level of imports valued at $19.42 billion in June 2007.

In rupee terms, imports increased by 32.2 per cent.

The cumulative value of imports for the period April- June 2008 was $73.27 billion (Rs305,265 crore) as against $56.50 billion (Rs232,855 crore), a growth of 29.7 per cent in dollar terms and 31.1 per cent in rupee terms over the same period last year.

The rise in import bill has been attributed to a jump in oil imports during June 2008, valued at $9.03 billion which was 53.4 per cent higher than oil imports valued at $5.89 billion in the corresponding period last year. 

Oil imports during April-June, 2008 were valued at $25.52 billion which was 50.2 per cent higher than the oil imports of $16.99 billion in the corresponding period last year.

The Indian crude basket for the April-June quarter this year stood at $118.50 per barrel against $77.25 per barrel in the same period last year.

Non-oil imports during June 2008-09 were estimated at $15.42 billion, which was 13.9 per cent higher than non-oil imports of $13.53 billion in June 2007. Non-oil imports during April- June 2008-09 were valued at $47.74 million, which was 20.9 per cent higher than the level of such imports valued at $39.51 billion in April- June 2007-08.                     

The trade deficit for April- June 2008-09 was estimated at $30.42 billion which was higher than the deficit at $21.47 million during April-June 2007-08.