August 16, 2024
NEW DELHI – India’s merchandise trade deficit widened to $23.5 billion in July compared with $21 billion in the previous month, the ministry of commerce said on Wednesday.
Notably, the data said that the merchandise exports declined by 1.5%, and imports rose by 7.5%.
Merchandise exports during July 2024 were USD 33.98 Billion as compared to USD 34.49 Billion in July 2023 while the imports were USD 57.48 Billion as compared to USD 53.49 Billion.
Merchandise exports during April-July 2024 were USD 144.12 Billion as compared to USD 138.39Billion during April-July 2023 while the imports were USD 229.70 Billion compared to USD 213.53 Billion.
Merchandise trade deficit during April-July 2024 was USD 85.58 Billion compared to USD 75.15 Billion during April-July 2023.
Further, India’s total exports, Merchandise and Services combined, for July 2024 is estimated at USD 62.42 Billion, registering a positive growth of 2.81% vis-à-vis July 2023, the ministry said in its data.
Total imports for July 2024 is estimated at USD 72.03 Billion, registering a positive growth of 7.14% vis-à-vis July 2023.
The data further highlighted that the total exports during April-July 2024 is estimated at USD 261.47 Billion registering a positive growth of 6.65%.
Total imports during April-July 2024 is estimated at USD 292.64 Billion registering a growth of 7.30%.
Speaking on the development, Sunil Barthwal, commerce secretary said, “We will cross last year’s numbers. We are doing everything to push our exports in different territories.”
“There is scope to increase our exports to Africa,” Barthwal added.
In terms of services export, the estimated value for July 2024 is USD 28.43 Billion as compared to USD 26.22 Billion in July 2023. The estimated value of services imports for July 2024* is USD 14.55 Billion as compared to USD 13.74Billion in July 2023.
The ministry data further said that the top 5 export destinations, in terms of change in value, exhibiting positive growth in July are Netherland (29.18%), USA (3.15%), Tanzania Rep (53.14%), Singapore (14.28%) and Mexico (25.91%).
While the top 5 import sources, in terms of change in value, exhibiting growth in July are UAE (84.87%), China (13.05%), Russia (22.56%), Qatar (34.61%) and Indonesia (15.05%).