SME Times Bureau | 15 Aug, 2014
Country's trade deficit rose to new high since a year ago at $12.23 billion in July, government data showed Thursday.
According
to data released here by the commerce and industry ministry , the value
of merchandise exports in July grew by 7.33 percent at $27.73 billion
from the $25.84 billion worth of goods shipped-out in the corresponding
period of 2013.
Imports grew by 4.25 percent at $39.96 billion in
the month under review from $38.33 billion imported in the
corresponding month of last year.
Oil imports during July, 2014
were valued at $14.35 billion which was 12.75 percent higher than oil
imports in the corresponding period last year at $12.73 billion.
In
June, the country's trade deficit swelled to $11.76 billion, its
highest level since July 2013, owing to a surge in gold imports after a
Reserve Bank of India decision to ease tough gold import rules.
