The new fiscal began well for India's exports which grew 17.2 per cent in April 2005-06 but imports surged ahead with 51.05 per cent growth, widening the trade deficit to $3.85 billion.
Exports rose to $6.56 billion during the first month of the current fiscal compared to $5.60 billion in April 2004-05 while imports jumped to $10.42 billion against $6.90 billion during the same month a year ago.
Hence, trade deficit jumped three-fold to $3.85 billion during April 2005 from $1.29 billion in April 2004, as per the latest data released by the government on Tuesday.
Oil imports during the month rose 41.37 per cent to $3.29 billion compared to $2.33 billion in the corresponding month last year. Non-oil imports grew even faster by 56 per cent to $7.12 billion as against $4.56 billion in April 2004.
The encouraging export growth during April comes on the back of impressive performance in the last fiscal. Exports had surpassed the $75 billion target set for the year to touch $80 billion during the year gone by.
Buoyed by the performance on the export front, Commerce Minister Kamal Nath had revised upwards the export target for this fiscal to $92 billion from $88 billion.
In rupee terms, exports rose 16.7 per cent to Rs 28,729 crore in April 2005 from Rs 24,618 crore in April 2004.
Imports grew 50.4 per cent to Rs 45,589.46 crore as against Rs 30,313 crore during the first month of last fiscal.
Trade deficit in rupee terms during the month under review stood at Rs 16,860 crore as against Rs 5,694 crore in April 2004.