Exports fall 1.2%, but imports rise 7.45% in July

Foreign Trade

♦ Exports fall to $33.98 bn, imports rise to $57.48 bn in July

♦ Crude oil imports rose 17.44% to $13.87 bn

♦ Silver imports jumped 439% to $165.74 mn

♦ Exports in Q1 increased 4.15% to $144.12 bn, imports grew 7.57% to $229.7 bn

New Delhi: After remaining in the positive zone for three months, India’s exports contracted 1.2 per cent to $33.98 billion in July, while the trade deficit widened to $23.5 billion. According to government data, imports rose by about 7.45 per cent to $57.48 billion in July due to a jump in the inbound shipments of crude oil, silver and electronic goods. Crude oil imports rose 17.44 per cent to $13.87 billion, while silver imports jumped 439 per cent to $165.74 million during the month under review. The trade deficit, or the gap between imports and exports, was $21 billion in June and $19.3 billion in July 2023.

Briefing media on data, Commerce Secretary Sunil Barthwal said that going by the current trend, the country’s total exports of goods and services will cross last year’s figure of $778 billion. One of the reasons for the dip in merchandise exports is the fall in the shipments of petroleum products, which has declined by 22.15 per cent to $5.22 billion. Fall in prices, low demand and increasing domestic consumption have led to a dip in the exports of petroleum products in July.”

The other export sectors, which have recorded negative growth during the month, include rice, cashew, oil seeds, marine products, gems and jewellery, chemicals, and cotton yarn/fabrics. Gold imports dipped by 10.65 per cent to $3.13 billion in July. However, electronic goods, pharma and engineering exports rose 37.31 per cent, 8.36 per cent and 3.66 per cent, respectively, in July. India’s merchandise exports increased 2.56 per cent to $35.2 billion in June, even as the trade deficit widened to $20.98 billion. Exports during April-July this fiscal surged 4.15 per cent to $144.12 billion, and imports grew 7.57 per cent to $229.7 billion.