Narrowing the trade deficit to $ 13.43 bn for July, Indian exports rise by 2.25% while imports slip by 10.43%

New Delhi, August 16: Hailing a momentum for the commerce and manufacturing industry in India, the recent reports released by the Indian government revealed increase in the exports by 2.25 per cent to 26.33 billion US dollar for the month of July while imports slipped by 10.43 per cent to 39.76 billion US dollar.

 

 

“This has narrowed the trade deficit to13.43 billion US dollar for the said month. The deficit was 18.63 billion US dollar in July last year. Export sectors that recorded positive growth in the last month include chemical, iron and pharmaceuticals”, the report read.

 

“The shipment of gems and jewellery, engineering goods, petroleum products have recorded negative growth while the oil imports have declined 22.15 per cent to 9.6 billion US dollar”, it added.

 

 

In recent years, India exported mostly, pearls, precious and semi-precious stones and jewellery, mineral fuels, oils and waxes and bituminous substances, vehicles, parts and accessories, nuclear reactors, boilers, machinery and mechanical appliances, pharmaceutical products and organic chemicals.

 

India’s main export partners however, continue to be, United States forming 15 per cent of the total exports, United Arab Emirates, 11 per cent; Hong Kong, 5 per cent; China and Singapore, 4 per cent and United Kingdom marking 3 per cent of the total.