July trade deficit crosses $12 bn

India'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.