Exports grow by 13.2 per cent; imports surge by 34.3 per cent

Exports grew by 13.2 per cent to $16.24 billion in July compared to the same period last fiscal, posting growth for the ninth straight month.

However, imports too jumped by 34.3 per cent to $29.17 billion in July compared to the same month last fiscal, widening the country's trade deficit to $12.93 billion, according to an official release on Wednesday.

During April-July this fiscal, exports posted a growth rate of 30 per cent to $68.62 billion on year-on-year basis. Imports during the April-July period grew by 33.3 per cent to $112.2 billion.

Oil imports in July grew by 4.4 per cent to $7.6 billion, while non-oil imports jumped by 49.6 per cent to $21.5 billion.

India, Asia's third-largest economy behind China and Japan, is targeting close to 15 per cent export growth in the current fiscal year, following a drop of 4.7 per cent in the 2009 - 10 fiscal year as the global financial crisis-led slowdown crimped demand, the release added.