India’s exports rose 47.19 per cent to the highest monthly figure of $35.17 billion in July, driven by healthy growth in petroleum, engineering and gems and jewellery sectors, as per provisional data of the Commerce Ministry released on Monday.
Imports during the month rose 59.38 per cent to $46.40 billion, leaving a trade deficit of $11.23 billion. “India is thus a net importer with a trade deficit of USD 11.23 billion in July 2021, which is 110.56 per cent higher than the trade deficit of $5.33 billion in July 2020,” the ministry said in a statement. While, Exports of petroleum, engineering and gems and jewellery rose to $3.82 billion, $2.82 billion and $1.95 billion, respectively, in July 2021.
However, the export of oilseeds, rice and meat, dairy and poultry products registered adverse growth in the month under review. Import of petroleum, crude oil and product rose 97 per cent to $6.35 billion. Similarly, gold imports rose 135.5 per cent to $2.42 billion, while the import of pearls, precious and semi-precious stones stood at $1.68 billion in July. However, import of transport equipment, project good and silver registered negative growth in the month.
In addition, exports to the US, UAE and Belgium increased to $2.4 billion, $1.21 billion and $89 million in July. Exports during April-July 2021-22 grew 73.86 per cent year-on-year to $130.56 billion, as against $75.10 billion in the same period last year. During the first four months of the financial year, imports grew by 90.90 per cent to US$ 172.53 billion. “As of July, India’s merchandise exports accounted for 32.64 per cent of USD 400 billion.
In July, oil imports grew by 9 per cent to $12.89 billion. During April-July 2021, it rose by 122.43 per cent to $43.9 billion. The target for the remaining eight months is $269.44 billion or $33.68 billion per month,” the commerce ministry said.
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