Economy

Exports grew 2% in July, trade deficit at record $30 billion

Sectors like handicrafts, cotton yarn and handloom products, carpets and engineering goods reported declines in exports. Representational file image.

Sectors like handicrafts, cotton yarn and handloom products, carpets and engineering goods reported declines in exports. Representational file image. | Photo Credit: S. Siva Saravanan

India’s goods exports grew 2.1% in July to $36.27 billion while imports jumped 43.6% to $66.27 billion, as per quick estimates from the Commerce and Industry Ministry that raised the export figure by about a billion dollars compared to preliminary data released on August 2. 

Consequently, India’s merchandise trade deficit moderated from an earlier estimate of $31.02 billion to $30 billion, still an all-time high deficit in a month.  

The merchandise trade deficit for the first four months of 2022-23 is now estimated at $98.99 billion as against $42.07 billion in the same period last year, reflecting a 135.31% rise. July marks the third successive month where India’s goods trade deficit has breached previous records.  

The upward change in outbound shipments’ estimates, which had earlier indicated a 0.8% contraction year-on-year, seemed to stem largely from petroleum products exports that grew 9.2% to cross $6.3 billion. They were earlier reckoned to have dipped 7.07% in July.  

Sectors like handicrafts, cotton yarn and handloom products, carpets and engineering goods reported declines in exports compared to July 2021. Gold imports fell 43.6% to $2.37 billon, but coal imports soared 164.4% to $5.18 billion while petroleum imports grew 70.4% to $21.13 billion.   


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Printable version | Sep 3, 2022 12:36:59 am | https://www.thehindu.com/business/Economy/exports-grew-2-in-july-trade-deficit-at-record-30-billion/article65762092.ece