Trade deficit jumps to US$ 18.01 billion for July 2018
India's merchandise exports increased 14.3% to US$ 25.77 billion in July 2018 over a year ago. Meanwhile, merchandise imports moved up 28.8% to US$ 43.79 billion. The trade deficit jumped 57.3% to US$ 18.01 billion in July 2018, which is highest in five year, from US$ 11.45 billion in July 2017.Among the non-oil imports, the major contributors to the overall rise in imports were electronic goods imports rising 26.4% to US$ 5.12 billion, gold 40.9% to US$ 2.96 billion, electrical & non-electrical machinery 30.6% to US$ 3.15 billion, coal 33.7% to US$ 2.06 billion, organic & inorganic chemicals 25.9% to US$ 2.03 billion, non-ferrous metals 29.0% to US$ 1.30 billion, iron & steel 19.9% to US$ 1.60 billion and pearls, precious & semi-precious stones 11.4% to US$ 2.51 billion.
The imports also improved for artificial resins, plastic materials etc by 20.0% to US$ 1.37 billion, transport equipment 21.4% to US$ 1.29 billion, medicinal & pharmaceutical products 52.7% to US$ 0.58 billion and chemical material & products 23.2% to US$ 0.64 billion.
Further, the imports have moved up for metaliferrous ores & other minerals by 16.7% to US$ 0.76 billion, fertilizers, crude & manufactured 18.2% to US$ 0.62 billion, professional instrument, optical goods etc 16.0% to US$ 0.42 billion, wood & wood products 7.7% to US$ 0.52 billion, while imports of vegetable oil declined 32.1% to US$ 0.72 billion in July 2018.
On exports front, the petroleum products recorded an increase in exports by 30.1% to US$ 3.91 billion, followed by gems & jewellery 24.6% to US$ 3.19 billion, engineering goods 9.1% to US$ 6.33 billion, organic & inorganic chemicals 19.9% to US$ 1.68 billion, and electronic goods 42.2% to US$ 0.68 billion. The exports also moved up for plastic & linoleum by 28.1% to US$ 0.68 billion, cotton yarn/fabrics/made-ups, handloom products etc 15.3% to US$ 0.91 billion, meat, dairy & poultry products 15.1% to US$ 0.38 billion and rice 8.1% to US$ 0.66 billion in July 2018.
Further, the exports has improved for mica, coal & other ores, minerals including processed minerals by 14.9% to US$ 0.32 billion, drugs & pharmaceuticals 2.2% to US$ 1.42 billion, spices 8.3% to US$ 0.26 billion and ceramic products & glassware 4.7% to US$ 0.18 billion in July 2018.
However, the exports declined for marine products by 14.6% to US$ 0.58 billion, leather & leather products 5.1% to US$ 0.47 billion, RMG of all textiles 0.6% to US$ 1.27 billion, handicrafts excluding handmade carpet 3.0% to US$ 0.15 billion, man-made yarn/fabrics/made-ups etc 1.0% to US$ 0.38 billion, and fruits & vegetables 1.8% to US$ 0.16 billion in July 2018.
Merchandise exports in rupees increased 21.8% to Rs 177041 crore, while imports moved up 37.3% to Rs 300785 crore in July 2018 over July 2017. The trade deficit surged to Rs 123743 crore in July 2018 compared with Rs 73801 crore in July 2017.
India's merchandise exports increased 14.2% to US$ 108.24 billion, while merchandise imports moved up 17.1% to US$ 171.20 billion in April-July 2018. An increase in imports was driven by a 51.5% jump in oil imports to US$ 46.98 billion. India's merchandise trade deficit rose to US$ -62.95 billion in April-July 2018 from US$ -51.50 billion in April-July 2017.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)