India's July trade deficit widens to $31 bn on costly imports, weak rupee

July's data comes after the Centre raised import duty on gold last month to discourage buyers in the world's second-largest consumer and rein in the yawning trade deficit

India’s trade deficit ballooned to a record high in July, as elevated commodity prices and a weak rupee inflated the country’s import bill.

The gap between exports and imports widened to $31.02 billion in July, from $26.18 billion in June, B V R Subrahmanyam, commerce secretary, told reporters at a briefing in New Delhi Tuesday, citing preliminary data. The trade deficit in June was a record before the latest numbers were released. The trade deficit was $10.63 in July 2021.

"Exports of $156.41 billion in first four months of the fiscal puts us on track to achieve $470 billion in the current