India’s exports increased by 31.2 per cent in July but the country’s total import bill soared by 48.1 per cent on the back of huge rise in crude oil imports.
Exports grew to 16.34 billion dollars while imports rose to 27.14 billion dollars, leaving a trade deficit of 10.79 billion dollars in July, according to official figures released here today.
On the back of increase in global prices, the crude oil import bill in July shot up by 69.3 per cent to 9.48 billion dollars from 5.6 billion dollars a year ago.
With crude oil reaching a record high of 147 dollars per barrel in July, India’s oil import bill went soaring by 69.3 per cent to 9.48 billion dollars in the month.
The country had spent 5.6 billion dollars on import of crude oil in July 2007-08.
The oil imports showed an increase of 54.9 per cent to 35 billion dollars for the April-July 2008 period, against 22.59 billion dollars for the first four months of previous year.
The crude oil touched a record of 147.27 dollar per barrel on July 11 before declining. It was ruling at 116.3 dollar per barrel on Monday.
Thanks to the runaway rise in crude oil imports, India’s total import bill shot up by 48.1 per cent to 27.14 billion dollars in July.
The rise in imports had a bearing on the country’s trade deficit which widened to 10.7 billion dollars in July.
For the April-July 2008 period, exports showed a growth of 24.6 per cent rising to 59.19 billion dollars while imports crossed the 100 billion dollar figure in first four months of the current fiscal.
Consequently, the deficit in this period ballooned to 41.22 billion dollars.