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

The commerce ministry data, released on Thursday, showed exports for April-July rose 17% to $173.78 billion, while imports grew 19.27% to $292.38 billion, widening the merchandise trade deficit to $118.6 billion from $96.66 billion a year earlier.

Including services, total exports for the first four months of the fiscal year 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, up from $32.32 billion in the same period last year.

Among export sectors, engineering goods led with $46.38 billion in April-July, up from $39.24 billion a year earlier. Petroleum product exports jumped to $30.17 billion from $21.15 billion, and electronic goods exports rose to $21.11 billion from $16.16 billion. Drugs and pharmaceuticals exports grew modestly to $10.79 billion, while gems and jewellery exports increased to $9.59 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 gold imports increased to $15.17 billion from $11.46 billion.

The United States remained India's top export destination with $34.49 billion in April-July, followed by the UAE at $11.22 billion and Singapore at $8.11 billion. China was the largest import source at $52.71 billion, with Russia second at $34.50 billion. India aims to double total exports to $2 trillion by FY31, focusing on MSMEs, farm products, and 'Brand India' promotion.