Indian exports rose by over 31.2 per cent in July, 2008 and stood at $ 16.34 billion as against $ 12.45 billion in the same month of last year.
Higher overseas sales of 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.
Data released by Commerce Ministry today showed that imports rose during the month registered an annual increase of 48.1 per cent and stood at $ 27.14 billion as against $ 18.33 billion seen in July, 2007.
With a faster pace of imports, India’s trade deficit during the month widened by over 80 per cent to $ 10.79 billion from 5.87 billion recorded in the corresponding month of last year.
Oil imports during the month expanded by 70 per cent and stood at $ 9.5 billion. Non-oil imports in July stood at $ 17.66 billion, which is an increase of 38.7 per cent over $ 12.73 billion seen in the same month last year.