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 to $ 5.44 billion in the 1996-97 fiscal, according to provisional trade data released by the Commerce Ministry on Wednesday.

The deficit was about $ 903 million more than the $ 4.53 billion recorded in 1995-96 and the highest during the eighth plan period.

Exports during 1996-97 were valued at $ 33.10 billion compared with $ 31.83 billion in the previous. At this level, the export shortfall was to the extent of about $ 5 billion against the target of $ 38 billion.

The Commerce Ministry had hoped that exports would post a growth ranging from 7 to 8 per cent compared with the 21.4 per cent registered in 1995-96. The 1996-97 had also projected an export growth of eight per cent.

Exports during March 1997 at $ 3,296.59 million was 5.69 per cent lower than the level of $ 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 those at $ 7,155.92 million in the above period.

During the same period, non-oil imports dropped by 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 by 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 in the following year. But it rose again to $ 2.02 billion in 1994-95.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.