Trade deficit widens to $11.5 bn in July: Exports see 3.94% growth at $22.5 bn, import jumps 15.42%

India saw a 3.94 percent year-on-year growth in imports in the month of July with the total value of shipments at USD 22.5 billion as compared to USD 21.6 billion the corresponding month in 2016. Commerce Ministry on Monday released the imports and exports details.

In the month of July, commodity groups of export showing positive growth were engineering goods (15.16%), petroleum products (20.27%), organic & inorganic chemicals (20.67%), cotton yarn/fabs/made-ups, handloom products ( 5.39%) and marine products(30.53%). Non-petroleum and non gems & jewellery exports in July saw an increase of 6.93 per cent and were valued at USD 22.5 billion.

Imports in July, on the other hand, saw a 15.42 per cent jump with the value at USD 33.9 billion. Cumulative value of imports for the period April-July 2017-18 was US$ 146256.71 million (Rs. 942740.00 crore) as against US$ 113996.75 million (Rs. 763687.22 crore) registering a positive growth of 28.30 per cent in Dollar terms and 23.45 per cent in Rupee terms over the same period last year.

Major commodity group of imports showing high growth in July 2017 over the corresponding month of last year were Petroleum, Crude & products (15.02%), Electronic goods (22.5%), Machinery, electrical & non-electrical (7.34%), Pearls, precious & Semi-precious stones (6.86%) and Gold (95.05%).

Oil imports during July, 2017 were valued at US$ 7844.94 million which was 15.02 percent higher than oil imports valued at US$ 6820.34 million in July 2016. Oil imports during April-July, 2017-18 were valued at US$ 31022.43 million which was 20.87 per cent higher than the oil imports of US$ 25666.96 million in the corresponding period last year.

Non-oil imports during July, 2017 were estimated at US$ 26148.67 million which was 15.55 per cent higher than non-oil imports of US$ 22630.63 million in July, 2016. Non-oil imports during April-July 2017-18 were valued at US$ 115234.28 million which was 30.46 per cent higher than the level of such imports valued at US$ 88329.79 million in April-July, 2016-17.

The trade deficit for July 2017 was estimated at US$ 11449.81 million as against the deficit of US$ 7761.40 million during July 2016.