India’s trade trade deficit narrows to $30 billion from earlier estimates of $31.02 billion
India’s trade trade deficit narrows to $30 billion from earlier estimates of $31.02 billion
India’s goods exports grew 2.1% to $36.27 billion in July, while imports rose 43.6% to $66.27 billion in July, according to quick estimates by the Ministry of Commerce and Industry, which compared the initial data released on August 2. raised one billion dollars.
As a result, India’s trade trade deficit narrowed to $30 billion from an earlier estimate of $31.02 billion, which is still the highest ever deficit in a month.
The trade trade deficit for the first four months of 2022-23 is now estimated at $98.99 billion, as against $42.07 billion in the same period last year, showing an increase of 135.31%. July is the third consecutive month that India’s goods trade deficit has broken the previous record.
The upward shift in estimates for outbound shipments, which had previously indicated a 0.8% year-on-year contraction, seemed to stem largely from petroleum products exports that rose 9.2% to cross $6.3 billion. They were previously thought to have dipped 7.07% in July.
Sectors such as handicrafts, cotton yarn and handloom products, carpets and engineering goods recorded a decline in exports as compared to July 2021. Gold imports fell 43.6% to $2.37 billion, but coal imports rose 164.4% to $5.18 billion, while petroleum imports rose 70.4% to $21.13 billion. ,