India’s total exports are estimated to have grown at 2.81 per cent year on year (YoY) in July this year to $62.42 billion, while the cumulative exports between April and July grew at 6.65 per cent YoY to $261.47 billion, according to the ministry of commerce and industry.
Total imports for July were estimated at $72.03 billion, registering a positive growth of 7.14 per cent YoY, while the same between April and July were worth an estimated $292.64 billion—a growth of 7.30 per cent YoY.
Merchandise exports and imports during July were worth $33.98 billion and $57.48 billion compared to $34.49 billion and $53.49 billion respectively in the corresponding month last year.
Merchandise exports and imports during the April-July 2024 period were worth $144.12 billion and 229.70 billion compared to $138.39 billion and $213.53 billion respectively during the corresponding period last year.
Merchandise trade deficit during April-July 2024 was worth $85.58 billion compared to $75.15 billion during the same period last year, a release from the ministry said.
YoY growth was seen in July in exports of handicrafts excluding hand-made carpets (13.23 per cent); readymade garments (11.84 per cent); carpets (10.53 per cent); man-made yarn, fabrics, made-ups, etc. (3.91 per cent); and leather and leather products (2.29 per cent).
Imports of raw and waste cotton (minus 2.74 per cent) and textile yarn, fabric, made-up articles (minus 0.23 per cent) recorded negative YoY growth during July.
The top five export destinations in terms of change in value exhibiting positive YoY growth in July were the Netherlands (29.18 per cent), the United States (3.15 per cent), Tanzania (53.14 per cent), Singapore (14.28 per cent) and Mexico (25.91 per cent).
The top five export destinations showing positive YoY growth in April-July 2024 were the Netherlands (38.32 per cent), the United States (9.06 per cent), the United Arab Emirates (UAE, 13.48 per cent), Malaysia (51.86 per cent) and Singapore (24.4 per cent).
The top five import sources in terms of change in value exhibiting YoY growth in July were the UAE (84.87 per cent), China (13.05 per cent), Russia (22.56 per cent), Qatar (34.61 per cent) and Indonesia (15.05 per cent).
The top five import sources showing YoY growth in April-July 2024 were the UAE (47.07 per cent), Russia (20.33 per cent), China (9.66 per cent), Iraq (19.4 per cent) and Indonesia (17.19 per cent).
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