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India's merchandise trade deficit widens to $20.67 billion in July; exports, imports dip 15.9%, 17%
India's merchandise trade deficit widens to $20.67 billion in July; exports, imports dip 15.9%, 17%ET OnlineLast Updated: Aug 14, 2023, 02:33 PM IST
Synopsis
India's merchandise trade deficit widened to $20.67 billion in the month of July from $20.13 billion in June. India's merchandise imports stood at $52.92 billion in July, down from $53.10 billion in June. Merchandise exports in the month of July stood at $32.25 billion, down from $32.87 billion in June and $38.34 in June 2022.
India's merchandise trade deficit widened to $20.67 billion in the month of July from $20.13 billion in June, data released by the government showed on Monday. India's trade deficit in June 2022 stood at $25.43 billion.
India's merchandise imports stood at $52.92 billion in July, down from $53.10 billion in June. In June 2022, the number stood at $63.77 billion. Merchandise exports in the month of July stood at $32.25 billion, down from $32.87 billion in June and $38.34 in June 2022.
Economists expected a July trade deficit of $21 billion, according to a Reuters poll.
Services exports in July were $27.17 billion, while imports were $14.85 billion. In June, services exports were $27.12 billion and imports were $15.88 billion.
For the April-July period, services and merchandise exports fell about 6 per cent year-on-year to $244.15 billion, while imports fell 11 per cent to $272.41 billion.
Global commerce has slowed down over the last twelve months, indicating a downturn and worries of recession in major economies around the world. China, the world’s biggest exporter, this week reported the biggest contraction in overseas shipments since Covid-19 walloped the nation in February 2020. Germany, the global No. 3, saw its exports sink in the latest monthly data by the most on a year-on-year basis since early 2021.
Exports from the US, which pips Germany for the global No. 2 slot, also contracted over the year to June. But the American economy is enjoying a newfound sense of optimism thanks to an ingredient many of its rivals lack: robust domestic demand.
This trend is likely to impact India's economic growth momentum, the country's finance ministry said in a report recently. "Negative cross-border spillovers and adverse global developments can act anytime as a deterrent to achieving the potential high growth path in the current financial year," the ministry's monthly economic review said.
The report expects India's trade deficit to narrow in next few years, driven by strong performance in services exports.
India's merchandise trade deficit widens to $20.67 billion in July; exports, imports dip 15.9%, 17%
India's merchandise trade deficit widened to $20.67 billion in the month of July from $20.13 billion in June. India's merchandise imports stood at $52.92 billion in July, down from $53.10 billion in June. Merchandise exports in the month of July stood at $32.25 billion, down from $32.87 billion...
