India’s July Exports Surge 19.6% to Record $44.24 Billion

The commerce ministry data, released on Thursday, showed that imports in July rose to $76.22 billion from $64.86 billion a year earlier, pushing the trade deficit to its highest level in six months. For the April-July period, merchandise exports grew 17% to $173.78 billion, while imports rose 19.27% to $292.38 billion, leaving a deficit of $118.6 billion, up from $96.66 billion in the same period last year.

Including services, exports during April-July rose 13.16% to $316.42 billion, while imports increased 17.28% to $365.85 billion, resulting in an overall trade deficit of $49.43 billion, compared with $32.32 billion a year earlier. The services data for July is an estimate, as the Reserve Bank of India's latest release covers June.

Among export sectors, engineering goods shipments rose to $46.38 billion in April-July from $39.24 billion a year earlier. Petroleum product exports jumped to $30.17 billion from $21.15 billion, and electronic goods exports climbed to $21.11 billion from $16.16 billion. Drugs and pharmaceuticals exports stood at $10.79 billion, up from $10.25 billion, while organic and inorganic chemicals exports increased to $10.69 billion from $9.43 billion. Gems and jewellery exports rose to $9.59 billion from $9.05 billion.

On the import side, petroleum, crude oil and products remained the largest category, rising to $78.92 billion from $64.81 billion. Electronic goods imports surged to $52.82 billion from $36.59 billion, and machinery imports increased to $22.77 billion from $19.44 billion. Gold imports rose to $15.17 billion from $11.46 billion.

The US remained India's largest export destination, with shipments rising to $34.49 billion in April-July from $33.48 billion a year earlier. The UAE followed at $11.22 billion, while exports to Singapore more than doubled to $8.11 billion. China was the largest import source, with imports rising to $52.71 billion from $40.65 billion, followed by Russia at $34.50 billion, up from $21.61 billion.