Exports at $124.6b in 2006-07

NEW DELHI: India’s trade deficit widened to nearly $57 billion in 2006-07 as against $39.63 billion in 2005-06 due to surge in crude oil import bill.

Exports in 2006-07 rose 23.9% to $124.63 billion, in line with a target of $125 billion, while imports jumped 29.3% to $181.4 billion led by oil, the government said in a statement on Tuesday.

The import bill for crude oil went up to $ 57.27 billion as against 4 43.95 billion in 2005-06, showing a growth of 30.31%.Last month, commerce minister Kamal Nath forecast exports from India to grow to $160 billion in 2007-08 and would reach to $200 billion by 2008-09.

The cumulative value of imports during April-March, 2007 was $181.36 billion as against $ 140.23 billion in 2005-06. Exports in March 2007 jumped 15.38% year-on-year to $12.5 billion, pushing the exports during the year to $ 124.63 billion.

Imports for March grew 18.62% to $16.38 billion taking the total imports during the year to reach to $ 181.36 billion, according to the data released by the commerce ministry. The country’s trade deficit stood at $3.79 billion in March taking the full year deficit to $56.73 billion in the entire fiscal.

Crude oil imports stood at $4.59 billion in March, 2007 as compared to $4.20 billion in the corresponding period last year, registering a growth 9.39%.Non-oil imports grew 16.55% to $11.78 billion during March 2007 as against $10.11 billion in the same month last year.