India's trade deficit narrowed to $13.43 billion in July after exports grew marginally by 2.25 per cent, government data showed. The trade deficit in July last year was $18.63 billion.
Data by the Ministry of Commerce and Industry showed that merchandise exports rose to $26.33 billion in July, as compared to $25.75 billion for the same month last year. Electronic goods, drugs and pharmaceuticals, and chemicals showed the highest growth in exports during July. Cumulative value of exports in April-July 2019-20 stood at $107.41 billion, 0.37 per cent below $107.81 billion registered during the corresponding period last year.
"Non-petroleum and Non Gems and Jewellery exports in July 2019 were $19.70 billion, as compared to $18.72 billion in July 2018, exhibiting a positive growth of 5.28 per cent. Non-petroleum and Non Gems and Jewellery exports in April-July 2019-20 were $79.81 billion, as compared to $78.41 billion for the corresponding period in 2018-19, an increase of 1.79 per cent," the government statement said.
Meanwhile, imports in July 2019 were $39.76 billion (Rs 2.73 lakh crore), which was 10.43per cent lower in Dollar terms and 10.28 per cent lower in Rupee terms over imports of $44.39 billion (Rs 3.04 lakh crore) in July 2018.
Oil imports declined 22.15 per cent during July 2019 to $9.60 billion from $12.33 billion in July 2018. "In this connection, it is mentioned that the global Brent price ($/bbl) has decreased by 14.02 per cent in July 2019 vis-a-vis July 2018 as per data available from World Bank (Pink Sheet)," the government said.
Gold imports dipped 42.2 per cent to $1.71 billion in July.