India's trade deficit during April-February 2004-05 spiralled to $23.83 billion, an increase of 73.5 per cent from $ 13.72 billion in the corresponding period the previous year.
The trade deficit during the month of February 2005 was pegged at $2.63 billion, compared with a modest $524 million last year, an increase of a whopping 401 per cent, according to the provisional trade data released by the commerce and industry ministry on Monday.
The surge in trade deficit was mainly because of increase in the country's merchandise imports. Imports during April-February 2004-05 were valued at $93.62 billion, representing an increase of 36.33 per cent over the level of imports valued at $68.67 billion in April-February 2003-04.
A significant portion of the increase in imports was accounted for by oil imports, which were valued at $26.65 billion, an increase of 44.45 per cent compared with $18.45 billion in the corresponding period last year.
Non-oil imports during April-February 2004-05 were estimated at $66.97 billion, which is 33.36 per cent higher than the level of such imports valued at $50.22 billion in April-February 2003-04.
Imports during February 2005 were valued at $9.34 billion, representing an increase of nearly 39 per cent over the level of imports valued at $6.73 billion in February 2004.
In rupee terms, imports during the month increased by 34 per cent. Exports during the first eleven months of the financial year were valued at $69.79 billion, a 27 per cent increase over the level of $54.94 billion during April-February 2003-04.
In rupee terms, the exports were Rs 314185.17 crore (Rs 314.18 billion) during April-February 2004-05, 24.40 per cent higher than the value of exports during April-February 2003-04.
Exports during February 2005 were valued at US $ 6.71 billion, eight per cent higher than the level of $ 6.21 billion during February 2004.