India began fiscal 2008-09 with an impressive 31.5 per cent growth in exports, but surge in oil prices pushed the import expansion to 36.6 per cent in April. Exports grew to $14.4 billion in April 2008-09, against $10.95 billion a year ago.Imports, fuelled by a big rise in purchase of crude oil from abroad, went up to $24.27 billion against $17.76 billion. Trade deficit widened to $9.87 billion in the opening month of the current fiscal against $6.81 billion in the same period last year.
Oil imports amounted to $8.02 billion, showing a rise of 46.2 per cent over the corresponding month last year. The export performance in April was seen as commendable in the backdrop of the impact of strong rupee on exporters margins in 2007-08 when the overall growth was limited to 23.02 per cent. While rupee started losing ground since May, the positive impact on imports could be seen in the next few months.
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