Exports up 47.91% to $35.17 Billion during July

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Commerce Ministry released on August 2. The country’s exports rose 47.19 per cent to a “highest monthly figure” of $35.17 billion in July on healthy growth in petroleum, engineering, and gems and jewellery sectors, even as the trade deficit widened to $11.23 billion.

As per provisional data. Imports during the month rose 59.38 per cent to $46.40 billion, leaving a trade deficit of $11.23 billion.

“India is thus a net importer with a trade deficit of $11.23 billion in July 2021, which is 110.56 per cent higher than the trade deficit of $5.33 billion in July 2020,” the ministry said in a statement.

The data showed that exports of petroleum, engineering and gems and jewellery rose to $3.82 billion, $2.82 billion and $1.95 billion, respectively, in July.

However, exports of oilseeds, rice and meat, dairy and poultry products registered negative growth in the month under review. Imports of petroleum, crude oil and products rose 97 per cent to $6.35 billion.

Similarly, gold imports rose 135.5 per cent to $2.42 billion, while imports of pearls, precious and semi-precious stones stood at $1.68 billion in July.

However, imports of transport equipment, project goods and silver registered negative growth in the month. In addition, exports to the US, the United Arab Emirates and Belgium rose to $2.4 billion, $1.21 billion and $489 million in July.

Export at its peak

“As of July, India’s merchandise exports accounted for 32.64 per cent of the $400 billion. During April-July 2021-22, exports grew 73.86 per cent year-on-year to $130.56 billion compared to $75.10 billion in the same period last year.

During the first four months of the financial year, imports grew by 90.90 per cent to $172.53 billion. “The target for the remaining eight months is $269.44 billion, or $33.68 billion per month,” the commerce ministry said.

Oil imports rose 9 per cent to $12.89 billion in July. It has grown by 122.43 per cent to $43.9 billion during April-July 2021.

Commenting on the data, Federation of Indian Export Organizations (FIEO) President A Sakthivel said that the global demand has also been brisk during this period as the order booking position of exporters has remained impressive.

“The need of the hour is to remove the uncertainty from the minds of the trade and industry, with the RoDTEP (Remission of Duties and Taxes on Export Products) rates to be notified soon, besides addressing some of the critical issues including priority status to the export sector.

MEIS (Merchandise Exports from India Scheme), funds needed to address the problems of risky exporters and increase the flow of empty containers.

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