Trade Deficit: The country’s exports declined marginally by 0.76 per cent to $35.24 billion in July. Exports have declined for the first time in the last 17 months. At the same time, due to increase in crude oil imports, the trade deficit tripled to $ 31.02 billion during this period.
Exports down in July
Exports declined 0.76 per cent year-on-year to $35.24 billion in July 2022. In July 2021, the country’s commodity exports stood at $ 35.51 billion. Earlier, during February 2021, there was a decline of 0.4 percent in exports.
Commerce Ministry released data
According to preliminary data released by the Ministry of Commerce, the country’s imports grew 43.59 percent to $ 66.26 billion in July 2022. It was $ 46.15 billion in the same month a year ago. However, in the first quarter of the current fiscal, the country’s exports grew 19.35 per cent year-on-year to $156.41 billion, from $131.06 billion in the corresponding period of the previous fiscal.
Imports also increased in April-June quarter
Apart from this, in the April-June quarter of the financial year 2022-23, imports also increased by 48.12 percent year-on-year to $ 256.43 billion. Imports of crude oil and petroleum products during July this year increased by 70.4 per cent to $21.13 billion from $12.4 billion in July 2021. According to the data, gold imports fell by almost half to $2.37 billion last month. It was $4.2 billion in the same month a year ago.
Trade deficit triples to $31.02 billion
The trade deficit has tripled to $31.02 billion in July this year due to more imports than exports. It was $10.63 billion in the same month of the previous fiscal. At the same time, in the first quarter of the current financial year also, the trade deficit increased to $100.01 billion.
what the commerce secretary said
Giving details of trade figures, Commerce Secretary BVR Subrahmanyam said that in the first four months of the financial year, exports of $ 156.41 billion have happened. This shows that we are on track to easily achieve the export figure of $ 470 billion in the current financial year.