Jun 11, 1999|
Dip in non-oil imports cause for worry
A sharp fall in non-oil imports by 13% during the month of April has become a cause for concern among the analyst community about the country's economic recovery.
During the month of April, non-oil imports which include project goods, machinery and machine tools, gold, silver and non-ferrous metals saw a 13% fall in imports. In value terms, imports of these items fell to US$ 2.57 bn in April 1999 from US$ 2.97 bn in the corresponding month of the previous year. Gold and silver imports displayed a 45% drop in rupee terms compared to the imports in April 1998.
The fall in machinery and industrial goods imports reflects a slowdown in the industrial sector, feel trade analysts. Industrial recovery is normally led by higher imports of capital goods and fall in such imports for two months running is an unhealthy sign. Oil imports however rose by 20%, reflecting an increase in international oil prices.
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