Exports up 28% in Aug, imports rise 26%

India's exports in August grew 28.13 per cent to $5.62 billion from $4.38 billion in the corresponding month last year even as the trade deficit widened because of a jump in imports during the month.

According to the provisional trade data released by the commerce and industry ministry, imports in August grew 25.56 per cent to reach $7.10 billion. This pushed the trade deficit to $1.48 billion, up from $1.26 billion in August 2003.

Cumulative imports during the April-August period went up 30.42 per cent to $37.13 billion from $28.47 billion in the corresponding period a year ago. The cumulative trade deficit was also higher at $9.58 billion up from $6.62 billion during April-August 2003.

Oil imports during April-August this year grew 54.83 per cent year-on-year to touch $11.73 billion. Non-oil imports in the first five months of this fiscal were up to $25.40 billion, which was 21.57 per cent higher than the levels reported in same period last year.