India’s July exports hit $44.24 billion as trade deficit widens to $31.98 billion

Petroleum, electronics, engineering goods drive export growth, even as crude, fertiliser, and machinery imports push the deficit to six-month high

During April-July this fiscal, exports jumped 17.04 % to $173.78 billion, and imports climbed 19.27% to $292.38 billion

In July, India faced a significant expansion in its trade deficit, as imports surged ahead of exports. Over the first four months of the fiscal year, cumulative trade gaps widened considerably. Nevertheless, merchandise exports reached impressive heights in July, with electronics manufacturing emerging as a crucial growth sector. Additionally, the rise in mobile phone production and exports contributed to significant employment opportunities.

India’s merchandise exports increased 19.63% year-on-year to $44.24 billion in July, while imports rose 17.52% to $76.22 billion. As a result, the country’s trade deficit expanded to $31.98 billion during the month. April-July trade performanceFor the April-July period of the current financial year, exports grew 17.04% to $173.78 billion. Imports during the period increased 19.27% to $292.38 billion. Commerce Secretary Rajesh Agarwal said India’s exports to West Asian countries also registered growth, rising 8.62% to $5.7 billion in July.He attributed the overall increase in outbound shipments to stronger exports of petroleum products, electronics, engineering goods and marine products. The rise in exports comes despite the widening merchandise trade gap, driven by faster growth in the value of imports.

Imports rise 17.52% to $76.22 billion in July