Exports rise 19% to Rs50,000 cr in July; imports up 20%

Exports rise 19% to Rs50,000 cr in July; imports up 20%

New Delhi: India’s exports increased by 18.52% to Rs50,000 in July from Rs42,160-crore a year ago, while imports grew by 20.40% to Rs70,000-crore as against Rs58,160-crore.

However, in rupee terms exports managed an improvement of only 3.10% because of appreciation of the Indian currency particularly against the US dollar. Imports, in rupee terms, were up 4.74%.

The higher growth rate of imports led to a wider trade deficit of $5.14 billion from $4 billion.

During April-July period of the current fiscal, exports went up by 18.22% to Rs1,87,160-crore from Rs1,58,320-crore in the corresponding months in the previous year, according to official data released here on 3 September.

Imports in the period increased by 30.65% to Rs2,89,640-crore from Rs2,21,680-crore. Trade deficit widened to Rs1,02,440 from Rs63,360-crore in the same months last year.

Significantly, non-oil imports increased much faster pace of 25.86% to Rs49,840-crore in July than oil imports of Rs20,160-crore, which grew by 8.75%.

For cumulative period of four months, the non-oil imports saw a huge jump of 43.73% to Rs2,10,120-crore, against an increase of only 5.33% in oil imports for these months.