India’s Trade Deficit Widens Three-Fold To $30 Billion

India’s exports increased by 2.14 per cent year-on-year to $36.27 billion in July while imports surged by 43.61% to $66.27 billion during the month leading to an almost three-fold jump in the trade deficit, according to the official data released on Friday.

India’s trade deficit jumped from $10.63 billion in July 2021 to USD 30 billion in July 2022.

India’s overall exports (merchandise and services combined) in July 2022 are estimated to be $61.18 billion, exhibiting a positive growth of 11.51 per cent over the same period last year. Overall imports in July 2022 are estimated to be $82.22 billion, exhibiting a positive growth of 42.90 per cent over the same period last year.

Overall trade deficit, merchandise and services combined, surged to $21.04 billion in July 2022 as compared to $2.67 billion recorded in the same month last year.

Merchandise exports in July 2022 were $36.27 billion, as compared to USD35.51 billion in July 2021, exhibiting a positive growth of 2.14 per cent. Merchandise imports in July 2022 were USD 66.27 billion, which is an increase of 43.61 per cent over imports of $46.15 billion in July 2021, according to data released by the Ministry of Commerce & Industry.

The merchandise trade deficit in July 2022 was estimated at $30 billion as against $10.63 billion in July 2021, which is an increase of 182.10 per cent.

India’s overall exports (Merchandise and Services combined) in April-July 2022 are estimated to be USD 253.84 billion, exhibiting a positive growth of 22.85 per cent over the same period last year. Overall imports in April-July 2022 are estimated to be USD 317.40 billion, exhibiting a positive growth of 47.68 per cent over the same period last year.

Merchandise exports for the period April-July 2022 were $157.44 billion as against $131.06 billion during the period April-July 2021, registering a positive growth of 20.13 per cent.

Merchandise imports for the period April-July 2022 were $256.43 billion as against $173.12 billion during the period April-July 2021, registering a positive growth of 48.12 per cent.

The merchandise trade deficit for April-July 2022 was estimated at $98.99 billion as against $42.07 billion in April-July 2021, which is an increase of 135.31 per cent.

Non-petroleum and non-gems & jewellery exports in July 2022 were $26.62 billion, registering a positive growth of 1.55 per cent over non-petroleum and non-gems & jewellery exports of $26.21 billion in July 2021.

Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $38.45 billion in July 2022 with a positive growth of 42.91 per cent over non-petroleum, non-gems & jewellery imports of $26.90 billion in July 2021.

Non-petroleum and non-gems & jewellery exports during April-July 2022 was $110.47 billion, an increase of 10.81 per cent over non-petroleum and non-gems & jewellery exports of $99.69 billion in April-July 2021.

Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $147.56 billion in April-July 2022, recording a positive growth of 36.94 per cent, as compared to non-petroleum, non-gems & jewellery imports of $107.75 billion in April-July 2021.

The estimated value of services export for July 2022 is $24.91 billion, exhibiting a positive growth of 28.69 per cent vis-a-vis July 2021 ($19.36 billion).

The estimated value of services import for July 2022 is $15.95 billion exhibiting a positive growth of 40.02 per cent vis-a-vis July 2021 ($11.39 billion).

The services trade balance in July 2022 is estimated at $8.96 billion, which is an increase of 12.49 per cent over July 2021 ($7.97 billion). (ANI)