New Delhi: The country exports jumped 49.85 percent to $ 35.43 billion in July due to healthy growth in petroleum, engineering, and gems and jewelry segments, even when the trade deficit widened to $ 10.97 billion in that month, data Official shows on Friday.
Imports during this month also rose by around 63 percent to $ 46.40 billion, according to data issued by the Ministry of Commerce.
“The trade balance for July 2021 is estimated to be $ (-) 10.97 billion with $ (-) 4.83 billion in July 2020, which was a decline of 127.37 percent,” the ministry said in a statement.
Oil imports jumped 97.45 percent to $ 12.89 billion.
Exports during April-July 2021-22 rose 74.5 percent year-to-year to $ 130.82 billion, such as opposing $ 75 billion in the same period last year.
Imports over the first four fiscal months increased by 94 percent to $ 172.5 billion.
Oil imports in April-July 2021 reached $ 43.90 billion, up 123.84 percent compared to $ 19.61 billion in the same period last year.
Gold imports in July jumped to $ 4.2 billion by opposing $ 1.78 billion in the same month in 2020.
Commenting on data, the Federation of Indian export organizations (FIEO) President Sakthive said that exports in July were the highest in nine years previously.
“This is also a sign that global trade recovers quickly.
Global demand during this period also remains floating because the position of the exporter order order is still impressive,” he said.
Head of General Head of Bank Exim Bank (Research and Analysis) Prahalatan Iyer said July had witnessed a record of export levels.
“With the cumulative exports of $ 130.8 billion in the first four months, and the export rate of $ 7.4 billion in the first week of August 2021 signifies the ability of India to reach the target of $ 400 billion easily,” he said.