New Delhi: India’s merchandise exports in July dipped 1.2 per cent to $33.98 billion. It was at $ 34.39 billion in the year-ago month. Imports increased by about 7.45 per cent to $57.48 billion in July against $53.49 billion a year ago. The trade deficit in July is at $23.5 billion. Trade deficit is the the gap between imports and exports.
India’s merchandise exports rose by 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 increased 4.15 per cent to $144.12 billion, and imports grew 7.57 per cent to $229.7 billion.
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India’s outbound shipments contracted after a gap of three months in July by 1.48 per cent to $33.98 billion. Inbound shipments into the country rose 7.46 per cent to $57.48 billion during the month, leading to a trade deficit of nine-month high at $23.5 billion.Petroleum products, which have more than 15 per cent share, contracted 22 per cent in July at $5.23 billion. Import of petroleum and crude products saw 17.4 per cent growth at $13.87 billion during the same month.
Non-petroleum and non-gems and jewellery exports grew 5.7 per cent at $26.92 billion. The main drivers of the growth were engineering goods (3.66 per cent), electronic goods (37.31 per cent), drugs and pharmaceuticals (8.36 per cent), and textiles (11.84 per cent). Other items that saw high imports include electronic goods (11.54 per cent), non-ferrous metals (17.4 per cent), iron and steel (5.22 per cent), plastic materials (4.67 per cent), and organic & inorganic chemicals (8.1 per cent).
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