July Exports India's merchandise exports dip 0.76 pc YoY in July, trade deficit widens to $31.02 billion
New Delhi: India's merchandise exports fell 0.76% year-on-year to $35.24 billion in July 2022 as compared to $35.51 billion in July 2021.
As many as 7 out of 10 major commodity groups witnessed negative growth in exports in the month of July with cotton yarn/fabs./madeups, handloom products etc. recording the sharpest 28.27% decline during this period.
The key commodity groups engineering goods and petroleum products saw 2.54% and 7.07% year-on-year decline in the month of July 2022.
India’s merchandise import in July 2022 stood at $66.26 billion, an increase of 43.59% over $46.15 billion in July 2021. Other than gold, import of nine major commodity groups rose sharply in the month of July 2022.
The trade deficit in July 2022 swelled to $31.02 billion as imports soared during this period.
"India has achieved merchandise exports of USD 35.24 billion in July 2022, almost at similar levels of USD 35.51 billion in July 2021. This has been achieved despite measures to control inflation (iron ore & pellets, iron and steel, petroleum products, etc.) and the continued disruptions of supply chains due to Covid and Russia-Ukraine conflict," Commerce Ministry said on Tuesday.
India’s merchandise export in April-July 2022-23 was $156.41 billion with an increase of 19.35% over $131.06 billion in April -July 2021-22.
The export of non-petroleum and non-gems and jewellery in April -July 2022-23 was $110.39 billion, an increase of 10.73% over cumulative value of non-petroleum and non-gems and jewellery exports of $99.69 billion in April -July 2021-22.
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