Exports grew to USD 25.83 billion in July 2013, which was 11.64 percent higher than the USD 23.14 billion registered in the same month last year.
The monthly trade deficit was USD 12.27 billion, almost the same level of the previous month. Trade deficit had narrowed to USD 12.24 billion in June after hitting a seven-month high in April.
Total value of imports in July 2013 was USD 38.10 billion, as compared to USD 40.61 billion recorded in the same month last year, registering a year-on-year drop of 6.20 percent, according to data released by the ministry of commerce and industry.
Recent depreciation in the value of Indian rupee has helped boost shipments from India, Commerce Secretary S.R. Rao told reporters here after releasing the provisional trade data.
The Indian rupee has lost almost 10 percent of its value since the beginning of this year.
Rao, however, said only a stable exchange rate would help Indian exporters get long-term contracts.
"Volatility does not permit exporters to get full value from the depreciation," the commerce secretary said.
The cumulative value of exports for the period April-July period was USD 98.29 billion, as against USD 96.63 billion registering during the same period last year, posting a growth of 1.72 percent.
The value of imports for the first four months of the current fiscal was USD 160.73 billion, which was 2.82 percent higher than the USD 156.32 billion registered in April-July period of 2012.
The country's trade deficit has jumped to USD 62.44 billion in the first four months of the current fiscal as compared to USD 59.69 billion recorded during the same period last fiscal.
Federation of Indian Export Organisations (FIEO) president M. Rafeeque Ahmed said the depreciation of the rupee and incentives announced by the government had boosted exports.
"Double-digit growth in exports coupled with positive signs emanating from the US and EU reassures me of continuance of the trend in months to come," Ahmed said.
Oil imports dropped by 8.02 percent to USD 12.70 billion in July. For April-July period total value of oil import was USD 54.58 billion, 2.65 percent higher than the oil import bill of USD 53.17 billion in the same period last year.
Non-oil import dropped by 5.26 percent at USD 25.39 billion in July. For April-July period, value of non-oil imports posted an increase of 2.9 percent at USD 106.15 billion.
--IANS (Posted on 12-08-2013)