India's YoY exports up 14% in July; trade deficit at $18 bn (Lead)
New Delhi : India's exports during July rose by 14.32 per cent to $25.77 billion, from $22.54 billion during the corresponding month of last year, but with imports rising at more than double the pace, the trade deficit for the month widened to over $18 billion, official data showed on Tuesday.
According to data released by the Ministry of Commerce and Industry, engineering goods, petroleum products, gems and jewellery, organic and inorganic chemicals and drugs and pharmaceuticals showed a high export growth during the month under review.
"Cumulative value of exports for the period April-July 2018-19 was $108.24 billion as against $94.76 billion registering a positive growth of 14.23 per cent in dollar terms," the ministry said in its review statement.
"Non-petroleum and non-gems and jewellery exports during July 2018 were valued at $18.68 billion as compared to $16.98 billion during July 2017 exhibiting a positive growth of 9.98 per cent."
As per the data, the country's imports during the month under review rose by 28.81 per cent to $43.79 billion in July 2018 from $33.99 billion in the like period of 2017.
Segment-wise, oil imports during July 2018 jumped by 57.41 per cent to $12.35 billion from $7.84 billion imported during July 2017.
The ministry pointed out that global Brent prices ($/bbl) have increased by 53.16 per cent in July 2018 vis-à-vis July 2017.
"Non-oil and non-gold imports in July 2018 valued at $28.47 billion has recorded a positive growth of 18.42 per cent as compared to non-oil and non-gold import in July 2017," the statement said
Additionally, gold imports in July edged higher by 40.94 per cent to $2.10 billion.
Consequently, India's merchandise trade deficit widened to $18.02 billion during last month as against $11.45 billion in the corresponding period the previous year.