Exports up 49.85$ in July; trade deficit widens

The country's exports surged 49.85 per cent to $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 $10.97 billion during the month, official data showed on Friday.

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

"The trade balance for July 2021 was estimated at $(-) 10.97 billion as against $(-) 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 $12.89 billion.

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

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

Commenting on the data, Federation of Indian Export Organisations (FIEO) president A Sakthivel said the global demand during this period has also remained buoyant as the order booking positions of exporters have been impressive.

Photograph: Aly Song/Reuters