Exports surge 50% to $7.41 bn in Aug 1-7

India's exports rose by 50.45 per cent to $7.41 billion during August 1-7, on account of healthy growth in the shipments of engineering goods, gems and jewellery as well as petroleum products, according to provisional data from the Union Commerce Ministry.

Imports during the week too grew by about 70 per cent to $10.45 billion, leaving a trade deficit of $3 billion. Exports of engineering goods rose by 63 per cent to $834 million. Similarly, the outbound shipments of gems & jewellery rose by 121 per cent to $418 million. For petroleum products exports increased 145 per cent to $522 million, the data showed.

However, exports of iron ore, oil meals and oil seeds recorded negative growth. Oil imports during August 1-7, jumped by about 141 per cent to $1.80 billion. Similarly, imports of electronic goods rose by nearly 31 per cent to $308 million. Gold imports during the period declined by 12.48 per cent to $100 million. Exports to the US, UAE and Saudi Arab grew by 48.4 per cent to $462.7 million, 70 per cent to $209.7 million, and 180 per cent to about $164 million, respectively.