Trade deficit widens to $18.02 billion after sharp surge in imports

The sharp surge in imports led to worsening of trade deficit to $18.02 billion in the reporting month as against a deficit of $11.45 billion during July 2017.

By PTI  
Tuesday, August 14, 2018

India's exports rose by 14.32 per cent to $25.77 billion in July compared to $22.54 billion in the year-ago month mainly on account of better performance of gems and jewellery sector.

The trade data released by the commerce ministry today also revealed that merchandise imports during July were valued at $43.79 billion, a growth of 28.81 per cent compared to $33.99 billion in the year ago period.

The sharp surge in imports led to worsening of trade deficit to $18.02 billion in the reporting month as against a deficit of $11.45 billion during July 2017.

Gold imports surged by 40.94 per cent in July to $2.96 billion compared to $2.102 billion in July 2017.

As regards exports, the outward shipments of petroleum products surged from $3 billion in July last year to $3.9 billion, showing a growth of about 30 per cent.

Export of gems and jewellery was up 24.62 per cent to $3.18 billion.

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