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Exports up by 49.85%, trade deficit at $10.97 billion in july 2021

Exports up by 49.85%, trade deficit at $10.97 billion in july 2021

#Exports #trade #deficit #billion #july

According to the latest data released by the commerce ministry, overall exports increased in July on the back of good growth in exports of petroleum, engineering and gems and jewellery.

New Delhi. As the pace of the corona epidemic slows down, the business of import and export has started gaining momentum. In July, the country’s exports increased by 49.85 percent to $ 35.43 billion. According to the latest data released by the commerce ministry, overall exports increased in July on the back of good growth in exports of petroleum, engineering and gems and jewellery. On the other hand, during the same period, the country’s trade deficit increased to $ 10.97 billion.

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97.45 percent increase in crude oil imports

Imports also increased by about 63 percent to $ 46.40 billion in July 2021. That is, the trade deficit in July stood at $ 10.97 billion. Whereas in July 2020, the trade deficit stood at $ 4.83 billion. At the same time, crude oil imports increased by 97.45 percent to reach $ 12.89 billion. The country’s exports grew by 74.5 per cent to $130.82 billion during the first four months of the current fiscal. Exports stood at $75 billion in the same period last fiscal. Imports grew by 94 percent to $172.5 billion in the first four months.

Gold imports rise to $4.2 billion

Crude oil imports increased by 123.84 percent to $ 43.90 billion during April-July due to the subsidence of the second wave of Corona and gradual easing of lockdown and increased movement activities from June, compared to $ 19.61 billion in the same period of the previous financial year. Had been. Similarly, gold imports rose to $4.2 billion in July from $1.78 billion in the same month a year ago.

India can achieve export target

Federation of Indian Export Organizations (FIEO) President A Sakthivel said July’s exports have been the highest figure in the last nine years. This indicates that the global trade situation is improving rapidly. Global demand has remained strong during this period. Booking of orders with exporters is quite good. According to Prahladan Iyer, Chief General Manager (Research and Analysis), Exim Bank, the total exports in the first four months stood at $130.8 billion. Exports stood at $7.4 billion in the first week of August. In this context, India can easily achieve the export target of $ 400 billion during the current financial year.

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