Import surge widens Indian trade gap

Import surge widens Indian trade gap

India's year-on-year trade deficit rose from $13.54 billion to $22.68 billion during the April-January 2004/05 period, India's Commerce and Industry Ministry said. The surge in imports, which surpassed exports during the first ten months of the current fiscal year, nearly doubled India's trade deficit from the previous year. Exports rose 25.55% to $60.7 billion during the April-January 2004/05 period, while imports soared 35% to $83.44 billion. Oil imports, the main factor in the imports' rise, rose 40% year-on-year to $23.46 billion.