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 while imports rose to $27.14 billion, leaving a trade deficit of $10.79 billion in July, according to official figures released in New Delhi on Monday.
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 from $5.6 billion a year ago.
For the April-July 2008 period, exports showed a growth of 24.6 per cent rising to $59.19 billion while imports crossed the $100 billion figure in first four months of the current fiscal.
Consequently, the deficit in this period ballooned to $41.22 billion.
Text: PTI