New Delhi: Indian exports decreased by 1.48 per cent in July while imports increased by 7.46 per cent, resulting in a nine-month high trade deficit of $23.5 billion, data from the commerce department revealed.
“There are various factors that have contributed to the decline in petroleum exports. One factor is the fall in prices. Secondly, the demand for some of the products is low. Finally, domestic consumption of petroleum products has increased, which is playing a major role in leaving less for exportable surplus,” Commerce secretary Sunil Barthwal told reporters in a briefing, reported Business Standard.
Barthwal added that while merchandise exports rose to 4 per cent on a cumulative basis (April-July), July’s contraction can be attributed to low exports of petroleum products amid tepid demand and high imports of crude oil.
Petroleum products, which have a share of more than 15 per cent, decreased 22 per cent in July at $5.23 billion.
The Import of petroleum and crude products also registered 17.4 per cent growth at $13.87 billion during the same month.
Apart from petroleum and crude products, other products that saw high imports include electronic goods (11.54 per cent), non-ferrous metals (17.4 per cent), iron and steel (5.22 per cent), plastic materials (4.67 per cent), and organic & inorganic chemicals (8.1 per cent), reported Business Standard.
