Export growth turns positive at $26.33 bn in July, up 2.25%; trade deficit narrows to four-month low of $13.4 bn

  • Decline in overall imports, including oil and gold, led to narrowing of the trade deficit

  • Merchandise exports during the same time have grown to reach $26.33 billion

  • Gold imports declined 42.2 per cent to $1.71 billion in July

India's exports growth turned positive in July, spurting 2.25 percent, while trade deficit narrowed to a four-month low of $13.43 billion, government data showed on Wednesday.

Exports increased to $ 26.33 billion in July as against $25.75 billion in the same month last year. Imports, however, slipped by 10.43 percent to $39.76 billion.

 Export growth turns positive at .33 bn in July, up 2.25%; trade deficit narrows to four-month low of .4 bn

Representational image. Reuters.

Decline in overall imports, including oil and gold, led to narrowing of the trade deficit -- the difference between imports and exports.

Trade deficit in July 2018 stood at $18.63 billion. The previous low was in March 2019, when this gap was at $10.89 billion.

"As a result of government's proactive trade policies and support, India's merchandise trade deficit is down by 28 percent in July 2019 over July 2018. Merchandise exports during the same time have grown to reach $26.33 billion," Commerce and Industry Minister Piyush Goyal said in a tweet.

Gold imports declined 42.2 percent to $1.71 billion in July. Oil imports fell 22.15 percent to $9.6 billion, while non-oil slipped by 5.92 percent to $30.16 billion.

Export sectors that showed positive growth in the last month included chemical, iron ore, electronics, marine products and pharmaceuticals.

Updated Date: Aug 15, 2019 10:10:53 IST