India’s merchandise exports rises 14.3% in July 2018

Trade deficit jumps to US$ 18.01 billion for July 2018
India’s merchandise exports increased 14.3% to US$ 25.77 billion in July 2018 over a year ago. Meanwhile, merchandise imports moved up 28.8% to US$ 43.79 billion. The trade deficit jumped 57.3% to US$ 18.01 billion in July 2018, which is highest in five year, from US$ 11.45 billion in July 2017.
Oil imports galloped 57.4% to US$ 12.35 billion, while the non-oil imports also moved up 20.2% to US$ 31.44 billion in July 2018 over July 2017. The share of oil imports in total imports was 28.2% in July 2018, compared with 23.1% in July 2017. The price of India’s basket of crude oil galloped 53.6% to US$ 73.50 per barrel in July 2018 over July 2017.
Among the non-oil imports, the major contributors to the overall rise in imports were electronic goods imports rising 26.4% to US$ 5.12 billion, gold 40.9% to US$ 2.96 billion, electrical & non-electrical machinery 30.6% to US$ 3.15 billion, coal 33.7% to US$ 2.06 billion, organic & inorganic chemicals 25.9% to US$ 2.03 billion, non-ferrous metals 29.0% to US$ 1.30 billion, iron & steel 19.9% to US$ 1.60 billion and pearls, precious & semi-precious stones 11.4% to US$ 2.51 billion.

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