Despite high inflationary pressure at home and recession in Europe and US, the cumulative value of exports for the period April-July, 2008 stood at $59,191 million (Rs 2,48,498 crore) as against $47487 million (Rs 1,94,689 crore) in the corresponding period of the previous fiscal, latest trade data show.

Exports during July were valued at $16,345 million which was 31.2 per cent higher than the level of $12,454 million during same month last year.

On the other hand the cumulative value of imports for the period April-July, 2008 was $1,00,418 million (Rs 4,21,541 crore) as against $74,840 million (Rs 3,06,946 crore) registering a growth of 34.2 per cent in dollar terms and 37.3 per cent in rupee terms over the same period last year.

Imports during July this year were valued at $27,143 million representing an increase of 48.1 per cent over the level of imports valued at $18,333 million in the same month last year.

Correspondingly the trade deficit for April- July of this fiscal was estimated at $41227 million which was higher than the deficit at $27352 million during the corresponding period of the previous fiscal.