Imports during April-September 1999 grew by 5.6 per cent at $ 22.47 billion as compared to $ 21.28 billion in the same period of 1998. Exports recorded a 12.01 per cent growth in September 1999 while in August it grew by 10.16 per cent.

Though non-oil imports slid by 1.94 per cent in the first six months to $ 18.01 billion compared to $ 18.37 billion in 1998, oil imports shot up by 53.24 per cent to $ 4.45 billion against $ 2.91 billion last year, official trade data released here said.

Exports during April-September 1999 are valued at $ 17.46 billion compared to $ 16.26 billion in the same period last year. In rupee terms exports grew by 14.68 per cent at Rs 13443.42 crore.

India's imports in September 1999are valued at $ 3.96 billion representing a growth of 7.49 per cent over $ 3.68 billion in September 1998. Beginning the year with a paltry 2.09 per cent growth, exports picked up momentum in May (11.68) and June (11.14) but fell to 2.11 per cent in July.

Exports during September 1999 stood at $ 3.08 billion compared to $ 2.75 billion in the same period last year. In rupee terms, the exports grew by 14.68 per cent at Rs 13443.42 crore in September this year.

Exports during April-September 1999 are estimated at $ 17.46 billion compared to $ 16.26 billion recorded in the first half of 1998. In rupee terms, exports grew by 11.13 per cent during the period.

India's imports during September 1999 are valued at $ 3.95 billion representing a growth of 7.49 per cent against $ 3.68 billion recorded in September 1998. Imports during April-September 1999 are estimated at $ 22.47 billion, which is 5.6 per cent higher than $ 21.28 billion recorded in the same period last year.

Oil imports continued to surge withthe sector recording a 53.24 per cent growth at $ 4.45 billion in the first six months against $ 2.91 billion recorded in the same period of 1998.

However, non-oil imports fell by 1.94 per cent at $ 18.01 billion in April-September 1999. The total non-oil imports in the first half of the fiscal was estimated at $ 18.01 billion against $ 18.37 billion in April-September 1998.

"Exports have finally hit a double-digit growth rising 12 per cent in September. Overall export growth is quite encouraging. There has been improved growth in non-oil imports also which supports the thesis of an economic recovery. The growth trend has been sustained for the last few months," said an analyst.

Said Ashish Pitale, head of research, JP Morgan, "I think the trade gap will narrow in the latter part of the year. It should fall to $ 3.5 billion in the latter half of the year. The first half has a distortion on account of defence related imports in June when imports increased nearly 25 per cent over year-ago levels".