Exports in April up 31.5%

Apr-07
($)

Apr-08
(Rs)

Apr-07
(Rs)

Export31.527.524.819.56 Import36.641.7629.732.93  The weaker rupee has meant greater realisation of earnings for the exporters, who were hit hard by an appreciation in 2007-08.  "Of late, we have seen that with rising crude oil prices, demand for capital goods and engineering goods has increased in the oil producing countries. Thus, demand for Indian goods has increased in the GCC. The latest robust numbers in Indian exports could be because of this," said Shubhada Rao, chief economist, Yes Bank.  India has set an export target of $200 billion in 2008-09 over $155 billion recorded in 2007-08.  The Ministry of Commerce and Industry had also announced export promotion measures for 10 countries in Latin America, CIS region and Africa while releasing the annual supplement to the trade policy in April.  Large crude oil imports in April increased overall imports during the month. The country imported $24.27 billion worth of goods during the month, which was an increase of 36.6 per cent over $17.76 billion over the year-ago month.  With imports outpacing exports, trade deficit in April stood at $9.87 billion, a rise of 45 per cent from $6.81 billion a year earlier.  Oil imports (comprising crude oil and some petroleum products) during April 2008 stood at $8 billion, which was 46.2 per cent higher than in the same month of the previous year.  Analysts pointed out that demand for diesel increased by 17 per cent in India, even as the domestic refineries could cater to only a 12 per cent increase. As a result, the country had to import more diesel in April 2008. Moreover, increased crude oil demand along with higher requirement of LPG pushed up oil imports during the month.  Non-oil imports during April 2008 grew by 32.3 per cent to $16.24 billion this April, compared with $12.27 billion seen in the same month of the previous year.