01-09-08 India's exports increased by 31.2 % in July but the country's total import bill soared by 48.1 % on the back of huge rise in crude oil imports.
Exports grew to $ 16.34 bn while imports rose to $ 27.14 bn, leaving a trade deficit of $ 10.79 bn in July, according to official figures.

On the back of increase in global prices, the crude oil import bill in July shot up by 69.3 % to $ 9.48 bn from $ 5.6 bn a year ago. With crude oil reaching a record high of $ 147 per barrel in July, India's oil import bill went soaring by 69.3 % to $ 9.48 bn in the month.
The country had spent $ 5.6 bn on import of crude oil in July 2007-08. The oil imports showed an increase of 54.9 % to $ 35 bn for the April-July 2008 period, against $ 22.59 bn for the first four months of previous year.

The crude oil touched a record of $ 147.27 per barrel on July 11 before declining. It was ruling at $ 116.3 per barrel.
Thanks to the runaway rise in crude oil imports, India's total import bill shot up by 48.1 % to $ 27.14 bn in July. The rise in imports had a bearing on the country's trade deficit which widened to $ 10.7 bn in July.

For the April-July 2008 period, exports showed a growth of 24.6 % rising to $ 59.19 bn while imports crossed the $ 100 bn figure in first four months of the current fiscal.
Consequently, the deficit in this period ballooned to $ 41.22 bn.