India’s merchandise exports showed a strong performance in July, registering an increase of around 7.3 per cent to 37.24 billion dollars on an annual basis.
According to provisional data by the Ministry of Commerce and Industry, major drivers of goods exports growth were engineering goods, gems and jewellery, electronics, pharmaceuticals and organic and inorganic chemicals.
Among these, electronic goods exports increased around 34 per cent from 2.81 billion dollars in July 2024 to 3.77 billion dollars last month. However, the merchandise trade deficit increased to an eight-month high of 27.35 billion dollars in July.
This was due to sharp rise of 8.6 per cent in imports which stood at 64.59 billion dollars during the month.
According to the estimates, in the April to July period of current financial year, merchandise exports increased to 149.20 billion dollars, while imports rose 244.01 billion dollars.
The total exports of goods and services during the same period is estimated at 277.63 billion dollars, registering a growth of 5.23 per cent as compared to corresponding figure last year.
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