India’s Trade Deficit Triples to Record $31 Billion in July

Exports dipped, though marginally, for the first time in 17 months in July, while trade deficit tripled to a record USD 31 billion fuelled by over 70 per cent rise in crude oil imports. The July 2022 exports at USD 35.24 billion showed a decline of by 0.76 per cent on annual basis. The country’s merchandise exports stood at USD 35.51 billion in July 2021.

The previous decline in exports was recorded in February 2021 when the shipments had dipped by 0.4 per cent. As per the preliminary data released by the commerce ministry, India’s merchandise import in July 2022 was USD 66.26 billion, up 43.59 per cent over USD 46.15 billion in the year-ago month.

However, the exports in April-July 2022-23 stood at USD 156.41 billion, an increase of 19.35 per cent over USD 131.06 billion in the corresponding period last fiscal. India’s merchandise imports in April-July 2022-23 was USD 256.43 billion, up 48.12 per cent year-on-year.

Imports of crude and petroleum products during July this year was USD 21.13 billion, up 70.4 per cent compared to USD 12.4 billion in July 2021. Imports of coal, coke and briquettes were up 164.43 per cent while that of vegetable oil rose 47.18 per cent.