India's trade deficit up 40 per cent at $115 billion in April-February 2008-09

India's trade deficit rose over 40 per cent to an estimated $115 billion in April-February 2008-09, compared to the deficit of $82.2 billion during April-February 2007-08 amidst a continuous decline in its exports over the past few months since October 2008 despite a decline in India's imports, including oil imports, government data showed.. 

Exports from the country were down 21.7 per cent at $11913 million during February 2008-09 as against the level of $15221 million during February 2008. In rupee terms, exports were down 3 per cent at Rs58685 crore, compared to the value of exports during February 2007-08.

The cumulative value of India's exports for the period April- February 2008-09 stood at $156597 million (Rs705231 crore) as against $145878 million (Rs586233) - a growth of 7.3 per cent in dollar terms and 20.3 per cent in rupee terms over the same period last year, official data showed.

Imports into the country during February 2008-09 were valued at $16823 million, representing a decrease of 23.3 per cent over the level of imports valued at $21934 million in February, 2007-08. In rupee terms, imports decreased 4.9 per cent.

The cumulative value of the country's imports for the period April- February 2008-09 stood at $271687 million (Rs1223213 crore) as against $228081 million (Rs917179 crore) registering a growth of 19.1 per cent in dollar terms and 33.4 per cent in rupee terms over the same period last year.          

Oil imports during February 2008-09, however, showed a 47.5 per cent decline at $4047 million against oil imports valued at $7713 million in the corresponding period last year. Oil imports during April- February 2008-09 were valued at $89684 million, which was 26.8 per cent higher than the oil imports of $70704 million in the corresponding period last year. 

Non-oil imports during February 2008-09, too were lower by 10.2 per cent at an estimated $12776 million, compared to non-oil imports of $14222 million in February 2007-08. Non-oil imports during April-February 2008-09 were valued at $182003 million, which was 15.6 per cent higher than the level of such imports valued at $157376 million in April-February 2007-08.