New Delhi : India’s export grew by 3.94 per cent on a yearly basis to $22.54 billion in July on account of rise in shipments of petroleum, chemicals and marine products, official data released Monday showed.
Import too rose by 15.42 per cent to $34 billion in July from $29.45 billion in the year-ago month due to rise in inward shipments of crude oil and gold.
“In continuation with the positive growth exhibited by exports for the last eleven months, exports during July 2017 have shown growth of 3.94 per cent in dollar terms valued at $22,543.80 million as compared to $21,689.57 million during July,2016.,” the ministry statement said.
A rise in gold import shot up the country’s trade deficit to $11.44 billion in the month under review from $7.76 billion in July 2016, the data released by the commerce ministry showed.
Gold import increased by 95 per cent to $2.10 billion in July against $1.07 billion in the same month last year. Oil import was valued at $7.84 billion in July, an increase of 15 per cent over the same month in 2016.
Cumulative export during April-July of 2017-18 rose by 8.91 per cent to $94.75 billion while import increased by 28.30 per cent to $146.25 billion, leaving a trade deficit of $51.5 billion. Non-oil imports were up by 15.55 per cent.