India's trade deficit zooms over 34 per cent to $119.06 billion

India's cumulative trade deficit for the financial year 2008-09 (April-March)  rose 34.39 per cent to an estimated$119.06 billion, against a deficit of $88.52 billion during the previous fiscal (2007-08).

Cumulative value of the country's exports for the year 2008-09 rose to $168.70 billion (Rs7,66,935 crore) from $163.13 billion (Rs6,55,863 crore) recording a growth of 3.4 per cent in dollar terms and 16.9 per cent in rupee terms over the same period last year.

Exports during the closing month of the financial year - March 2008-09 – stood at $11.52 billion, down 33.3 per cent from $17.25 billion during March 2008. In rupee terms, exports touched Rs58,997 crore, which was 15.3 per cent lower than the value of exports during March 2007-08.

Imports during March 2008-09 were valued at $15.56 billion, representing a decrease of 34.0 per cent over the level of imports valued at $23.57 billion in March 2007-08. In rupee terms, imports decreased by 16.2 per cent. Cumulative value of imports for the period April-March 2008-09 was $287.76 billion (Rs13,05,503 crore) as against $251.65 billion (Rs10,12,312 crore) - a growth of 14.3 per cent in dollar terms and 29.0 per cent in rupee terms over the same period last year.           

Oil imports during March 2008-09 were valued at $3.806 billion, which was 58.1 per cent lower than oil imports valued at $9.08 billion in the corresponding period last year. Oil imports during April-March 2008-09 were valued at $93.18 billion, which was 16.9 per cent higher than the oil imports of $79.72 billion in the corresponding period last year.

Non-oil imports during March2008-09 were estimated at $11.75 billion, down 18.92 per cent from the non-oil imports of $14.50 billion in March 2007-08. Non-oil imports during April-March 2008-09 were valued at $194.58 billion, which was 13.2 per cent higher than the level of such imports valued at $171.94 million in April-March  2007-08.