IMPACT OF US-IRAQ WAR ON TRDE BALANCE

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International prices of oil have increased recently, inter-alia, due to rising tension between US and Iraq. The increase in oil prices will have adverse effect on our balance of trade. The total oil imports (April-January 2003) are US $ 14349.86 million out of total imports of US $ 49337.44 million i.e., 29% of total imports and the percentage growth over last year is 22.02%. Government is monitoring the situation on a continuous basis. This was stated by Shri Rajiv Pratap Rudy, Minister of State for Commerce & Industry, in a written reply in the Lok Sabha today.