Exports Jump 49% To $35.43 Billion In July, Trade Deficit At $10.9 Billion

Trade Deficit in July 2021: Trade deficit stood at $10.9 billion last month

The country’s merchandise exports rose for the eighth straight month in July 2021 to $35.43 billion, up 49.85 per cent year-on-year, revised trade deficit data released by the government showed on Friday, August 13. Imports in July also increased by 62.99 per cent to $46.40 billion, driven by oil and gold, resulting in a trade deficit of $10.97 billion, showed foreign trade data released by the Ministry of Commerce. (Also Read: Exports Jump 48% To $32.5 Billion In June, Trade Deficit At $9.37 Billion )

The country’s exports increased on account of growth in the petroleum, engineering, and gems and jewellery segments, last month. In terms of exports, the major groups of commodities showing growth in July 2021 are petroleum products, other cereals, cotton/yarn, handloom products, electronic goods, engineering goods, among others.

The groups of commodities showing de-growth include oilseeds, oil meals, meat, dairy products, poultry products, tea, coffee, spices, rice, cashew, among others.

The cumulative value of exports for the period April-July 2021 stood at $130.82 billion, compared to $74.96 billion during the corresponding period last year.

Also, compared to April-July 2019 (pre-COVID era), the exports in April-July 2021 showed a growth of 22.09 per cent in dollar terms. 

On the other hand, the cumulative value of imports for the period April-July 2021 stood at $172.55 billion, compared to $88.91 billion during April-July 2020, recording a growth of 94.08 per cent in dollar terms. In terms of imports, the major groups of commodities showing de-growth in July 2021 are silver, project goods, and newsprint.

The country’s exports in the services sector stood at $19.52 billion in July 2021, compared to $16.72 billion in the same month last year, marking a growth of 16.86 per cent year-on-year. While , imports in the services sector stood at $10.89 billion, compared to $9.69 billion in the same month last year.