Exports up 31 percent, but trade deficit expands 80 percentSeptember 1st, 2008 - 8:45 pm ICT by IANS
New Delhi, Sep 1 (IANS) Indian exports have gone up over 31.2 percent in July and stood at $16.34 billion, as against $12.45 billion in the corresponding month last year, but trade deficit too increased by as much as 80 percent, according to data released by the commerce ministry Monday.Higher overseas sales of petroleum products and engineering goods as well as a rapid depreciation of the rupee against the dollar has been attributed to the increase in value of exports.
The data also showed imports during this period had registered an annual increase of 48.1 percent and stood at $27.14 billion as against $18.33 billion in the corresponding month last fiscal.
With a faster pace of imports, India’s trade deficit during the month widened by over 80 percent to $10.79 billion from $5.87 billion recorded in the last corresponding month.
Oil imports expanded 70 percent and stood at $9.5 billion, while non-oil imports rose 38.7 percent to $17.66 billion.