India's Trade Deficit Trebles YoY In July To $31.02 Billion

The country's trade deficit increased to $31.02 billion during the last month given the increase in coal and crude oil imports showed the official data released Tuesday. Last year in July, trade deficit was at $10.63 billion, so nearly trebling in a year's time.

Exports also logged a decline by a marginal percentage of 0.76% to $35.24 billion during the month."Exports of $156.41 billion in first four months of the fiscal puts us on track to achieve $470 billion in the current fiscal comfortably," commerce secretary B V R Subrahmanyam said while putting up the trade deficit data

In accordance with the data, gold imports reduced to half to USD 2.37 billion in July 2022 as against USD 4.2 billion in the same month last year.

Further as per the details, out of the top 10 export items, seven registered decline during the month, including engineering goods, petroleum products, readymade garments, cotton yarn, plastic, gems and jewellery and pharma products. Nevertheless the export items that registered good growth include chemicals, rice and electronic goods.

From the import list, gold import declined substantially by 43.6% to $2.4 billion after the government raised import duty on gold in July to deter buyers from buying gold in the country. The import item that saw an increase of 42.9% includes non-oil, non-gems and jewellery imports.

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