India's merchandise exports rose for the eighth straight month in July to $35.43 billion, up 49.85% from a year earlier, revised trade data released by the Ministry of Commerce & Industry showed on Friday.
The country's exports surged on account of healthy growth in petroleum, engineering, and gems and jewellery segments.
Imports in July rose 62.99% to $46.40 billion, driven by a rise in oil and gold imports, resulting in a trade deficit of $10.97 billion, as per the data released by the commerce ministry.
Oil imports soared by 97.45% to $12.89 billion.
"The trade balance for July 2021 was estimated at USD (-) 10.97 billion as against USD(-) 4.83 billion in July 2020, which is a decline of 127.37 per cent," the ministry said in a statement.
The country has set a target of $400 billion in merchandise exports for the current financial year ending in March 2022, compared to $291.2 billion in the previous fiscal.
Exports during April-July 2021-22 rose by 74.5% year-on-year to $130.82 billion, as against $75 billion in the same period last year.
Imports during the first four months of the fiscal increased by 94% to $172.5 billion.
Commenting on the data, Federation of Indian Export Organisations (FIEO) President A Sakthivel said the global demand during this period has also remained buoyant as the order booking positions of exporters have been impressive.
With agency inputs
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Exports up 49.9% to $35.43 bn in July; trade deficit at $10.97 bn - Mint
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