Indian exports rise for 11th straight month in July, grow 4%

New Delhi: Indian exports rose for the 11th consecutive month in July 2017, official data showed on Monday.

Exports in July at $22.5 billion recorded a growth of over 3.9 percent on the back of a healthy rise in shipments of engineering goods, petroleum products and chemicals, according to data released by the Commerce Ministry.

Representational image. Reuters

Representational image. Reuters

The country's exports during the corresponding month of last year stood at $21.69 billion.

"In continuation with the positive growth exhibited by exports for the last eleven months, exports during July 2017 have shown growth of 3.94 percent in dollar terms valued at $22,543.80 million as compared to $21,689.57 million during July,2016.," the ministry statement said.

"During July 2017, major commodity groups of export showing positive growth over the corresponding month of last year are engineering goods (15.16 percent), petroleum products (20.27), organic and inorganic chemicals (20.67), cotton yarn/fabrics/made-ups, handloom products etc.(5.39) and marine products(30.53)," it said.

However, the country's imports during the month under review also increased by 15.42 percent to $33.99 billion from $29.45 billion.

"Major commodity group of imports showing high growth in July 2017 over the corresponding month of last year are petroleum, crude and products (15.02 percent), electronic goods (22.5), machinery, electrical and non-electrical (7.34), pearls, precious and semi-precious stones (6.86) and gold (95.05)," the statement said.

Besides, the data showed that India's oil imports during July increased by 15.02 per cent to $7.84 billion, from $6.82 billion in the same month last year.

"The prices ($/barrel) have increased by 8.03 percent in July 2017 vis-à-vis July 2016 as per World Bank commodity price data," the statement said.

Non-oil imports were up by 15.55 percent to $26.14 billion, from $22.63 billion in the corresponding month of last year.

Consequently, the trade deficit during the month under review rose higher to $11.45 billion from $7.76 billion reported for July 2016.

Further, the ministry disclosed that the services exports data provided by the Reserve Bank of India (RBI) for June 2017 was estimated at $13.39 billion, and the trade deficit at $5.9 billion

"Taking merchandise and services together, overall trade deficit for April-July 2017-18 is estimated at $34.07 billion, as compared to $10.80 billion during April-July 2016-17," the statement added.


Updated Date: Aug 16, 2017 12:22 PM

Also Watch

Watch: Firstpost test rides the new Thunderbird 500X in Goa and walks you through the Royal Enfield Garage Cafe
  • Tuesday, April 17, 2018 Varun Dhawan on Shoojit Sircar's October, 5-star reviews and working with Anushka Sharma in Sui Dhaaga
  • Saturday, April 14, 2018 Ambedkar Jayanti: Re-visiting Babasaheb's ideals exposes fake Dalit politics of Rahul Gandhi and Congress
  • Monday, April 9, 2018 48 hours with Huawei P20 Pro: Triple camera offering is set to redefine smartphone imaging
  • Monday, April 16, 2018 Rajyavardhan Singh Rathore interview: Sports can't be anyone's fiefdom, we need an ecosystem to nurture raw talent

Also See