Trade deficit hits record $30 bn as ezports struggle

 India's trade deficit widened to a record $30 billion in July as exports grew at a much slower pace compared to imports, according to the data released by the commerce and industry ministry. 

Merchandise exports decreased to a five month low of $36.27 billion in July but witnessed a marginal increase of 2.14 per cent year on year.

Inbound shipments grew 43.61 percent YoY in July to $66.31 billion in June. 

The rise in imports has been mainly due to an increase in the purchase of petroleum products, electronic goods and coal. Among major import items, gold declined 43.6 percent to $2.37 billiom after the centre raised the import duty on the metal last month.

Petroleum products grew at 9.18 percent, chemicals 8.03 percent, electronic good 46.09 percent and rice 30.88 percent.