NEW DELHI, May 7: A measly export growth of 4.01 per cent, together with a 35 per cent increase in import of crude oil and petroleum products, pushed the trade deficit for 1996-97 to $5.44 billion, the provisional trade data, released by the commerce ministry on Wednesday, said.

The deficit was about $903 million more than the $4.53 billion recorded in 1995-96, and the highest during the Eighth Plan.

Exports last fiscal were valued at $33.10 billion compared with $31.83 billion in the previous year. The shortfall, therefore, was to the tune of $5 billion against the target of $38 billion.

The ministry had hoped that exports would grow between 7 and 8 per cent compared with the 21.4 per cent registered in 1995-96. Growth during 1996-97 was projected at eight per cent.

Exports in March 1997 at $3,296.59 million was 5.69 per cent lower than $3,495.57 million in the same month last year. Monthly export values in March 1997 represent the highest values in 1996-97, the ministry said.

Imports during 1996-97 are valued at $38,547.81 million, 5.99 per cent higher than the $36,369.52 million in 1995-96. Oil imports at $9,618.48 million were 34.38 per cent higher than $7,155.92 million last year.

During the same period, non-oil imports dropped 0.96 per cent, from $ 29,213.60 million to 28,931.33 million. Imports during March 1997 were valued at $3,634.40 million, up 1.5 per cent from $3,550.68 million in March 1996.

Incremental imports during 1996-97 over 1995-96 accounted for $2.5 million. The trade deficit, after touching $3.34 billion in 1992-93 (first year of the eighth plan), declined to $1.06 billion the following year. It crept higher again to $2.02 billion in 1994-95.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.