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03/08/2022 05:15pm

Trade deficit grows threefold in July at $31.02 bn compared to last year

image Trade deficit grows threefold in July at $31.02 bn compared to last year

New Delhi, Aug 3 (KNN) India has achieved merchandise export of USD 35.24 billion in July 2022, almost at similar levels of USD 35.51 billion in July 2021.

The gap between exports and imports recorded at USD 31.02 billion has tripled from the USD 10.63 billion reported in July last year.

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Commenting on the data, FIEO President, Dr A Sakthivel said, “Exports of July indicates a strong factor of resilience in the exports sector despite measures to control inflation and the continued disruptions of supply chains due to Covid and Russia-Ukraine conflict.”

“Signs of a likely slowdown in exports can been seen as global inventories are pretty high and the merchandise exports is facing the triple blow as there is again a shift in consumption from goods to the services with opening up of economies after the pandemic,” he added.

Inflation affecting all economies reducing the purchasing power and many economies entering the recession while some advanced ones already in recession are also impacting India’s merchandise exports, said FIEO Chief.

Value of non-petroleum exports in July 2022 was 29.82 USD billion, registering a positive growth of only 0.48 per cent over non-petroleum exports of USD29.67 billion in July 2021.

The cumulative value of non-petroleum exports in April -July 2022-23 was USD 123.90 billion, an increase of 10.3 per cent over USD 112.32 billion in April -July 2021-22.

Value of non-petroleum and non-gems and jewellery exports in July 2022 was USD 26.54 billion, registering a positive growth of 1.24 per cent over non-petroleum and non-gems and jewellery exports of USD 26.21 billion in July 2021.

The cumulative value of non-petroleum and non-gems and jewellery exports in April -July 2022-23 was USD 110.39 billion, an increase of 10.73 per cent over cumulative value of non-petroleum and non-gems and jewellery exports of USD 99.69 billion in April -July 2021-22.

India’s merchandise import in July 2022 was USD 66.26 billion, an increase of 43.59 per cent over USD 46.15 billion in July 2021. 

Imports in April -July 2022-23 was USD 256.43 billion with an increase of 48.12 per cent over USD 173.12 billion in April -July 2021-22.  (KNN Bureau)

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