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India’s exports rise by 49.85% to $35.43 billion in July, trade deficit at $10.97 billion

India's imports in July grew by 63% to $46.40 billion with oil imports soaring by 97.45% to $12.89 billion, according to commerce ministry data.

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New Delhi: The country’s exports surged 49.85 per cent to USD 35.43 billion in July on account of healthy growth in petroleum, engineering, and gems and jewellery segments, even as the trade deficit widened to USD 10.97 billion during the month, official data showed on Friday.

Imports during the month also rose by about 63 per cent to USD 46.40 billion, as per the data released by the commerce ministry.

“The trade balance for July 2021 was estimated at USD (-) 10.97 billion as against USD(-) 4.83 billion in July 2020, which is a decline of 127.37 per cent,” the ministry said in a statement.

Oil imports soared by 97.45 per cent to USD 12.89 billion.

Exports during April-July 2021-22 rose by 74.5 per cent year-on-year to USD 130.82 billion, as against USD 75 billion in the same period last year.

Imports during the first four months of the fiscal increased by 94 per cent to USD 172.5 billion.

Oil imports in April-July 2021 stood at USD 43.90 billion, up 123.84 per cent compared to USD 19.61 billion in the same period last year.

Gold imports in July jumped to USD 4.2 billion as against USD 1.78 billion in the same month of 2020.

Commenting on the data, Federation of Indian Export Organisations (FIEO) President A Sakthivel said that exports in July were the highest in the previous nine years.

“It also is a sign that global trade is recovering fast. The global demand during this period has also remained buoyant as the order booking positions of the exporters have still been impressive,” he said.

Exim Bank Chief General Manager (Research and analysis) Prahalathan Iyer said July has witnessed record level of exports.

“With the USD 130.8 billion cumulative exports in the first four months, and the export level of USD 7.4 billion in the first week of August 2021 signifies the ability of India to reach the USD 400 billion target easily,” he said.

Also read: PM Modi launches national vehicle scrappage policy, asserts it will promote circular economy


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