India's July merchandise exports up 2.25%, imports fall over 10%
India's merchandise exports rose 2.25 per cent in July on a year-on-year basis to $26.33 billion from $25.75 billion reported for the corresponding month of the previous year.
As per the data furnished by the Ministry of Commerce and Industry, 'electronic goods', 'drugs and pharmaceuticals', 'organic and inorganic chemicals' and 'marine products' showed high export growth during the month under review.
"Non-petroleum and non-gems and jewellery exports in July 2019 were $19.70 billion, as
compared to $18.72 billion in July 2018, exhibiting a positive growth of 5.28 per cent," the ministry said.
On the other hand, imports declined by 10.43 per cent to $39.76 billion in July from $44.39 billion reported for the corresponding month of 2018.
"Oil imports in July 2019 were $9.60 billion, which was 22.15 per cent lower in dollar terms (22.02 per cent lower in rupee terms), compared to $12.33 billion (Rs 84,707.59 crore) in July 2018," the ministry said.
"Non-oil imports in July 2019 were estimated at $30.16 billion (Rs 2,07,522.94 crore), which was 5.92 per cent lower in dollar terms (5.76 percent lower in rupee terms), compared to $32.06 billion (Rs 2,20,209.17 crore) in July 2018."
According to the ministry data, non-oil and non-gold imports declined by 2.22 per cent to $28.45 billion from $29.09 billion in July 2018.
Consequently, the trade deficit in July narrowed to $13.43 billion as against the deficit of $18.63 billion in the corresponding period of 2018. IANS