Merchandise exports fall in July 2024 on muted demand for petroleum products
New Delhi: India’s merchandise exports fell after three months in July 2024, down 1.48 percent to $33.98 billion compared to $34.49 in July 2023 on the back of subdued global demand and geopolitical challenges.
Merchandise imports rose 7.46 percent to $57.48 billion during the month.
Higher imports compared to lower exports during the period pushed the trade deficit to a nine-month high at $23.5 billion, data released by the commerce department showed.
The deficit was $19 billion in July last year.
However, the outbound shipments from the country rose 4 percent on a cumulative basis (April-July).
The drop in July exports can be attributed to tepid demand for petroleum products and high imports of crude oil.
According to Commerce secretary Sunil Barthwal, the fall in the prices of petroleum products also contributed to the decline in petroleum exports.
Further, he noted that the domestic consumption of petroleum products surged, leading to a shortage for exportable surplus.
Main drivers of export growth in July 2024
Non-petroleum & Non-Gems & Jewellery exports registered an increase of5.69% from USD 25.47 Billion in July 2023 to USD 26.92 Billion in July 2024.
Major drivers of merchandise exports growth in July 2024 include Electronic Goods, Engineering Goods, Drugs & Pharmaceuticals, Meat, dairy & poultry products and RMG of all Textiles.
Electronic goods exports increased by 37.31% from USD 2.04 Billion in July 2023 to USD 2.81 Billion in July 2024.
Engineering Goods exports increased by 3.66% from USD 8.72 Billion in July 2023 to USD 9.04 Billion in July 2024.
Drugs and pharmaceuticals exports increased by 8.36% from USD 2.13 Billion in July 2023 to USD 2.31 Billion in July 2024.
Meat, dairy & poultry products exports increased by 56.18% from USD 0.29 Billion in July 2023 to USD 0.46 Billion in July 2024.
RMG of all Textiles exports increased by 11.84% from USD 1.14 Billion in July 2023 to USD 1.28 Billion in July 2024.
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