Goods exports rise 7%, but trade deficit at 8-month high

NEW DELHI: India’s goods exports rose 7.2% to $37.2 billion in July, snapping a two-month declining trend, while imports increased 14.7% to $64.6 billion. As a result, the trade deficit widened to $27.4 billion, the highest since last Nov.Although petrol, diesel and jet fuel exports fell 25% to $4.3 billion, it was more than offset by a surge in the shipments of electronics (34%), gems & jewellery (29%), engineering goods, and pharma (14% each).While some of it may have been due to “frontloading” of shipments to the US ahead of imposition of reciprocal tariffs, no clear trend was visible in the data from April-July. During the first four months of the year, exports to the US were 21.6% higher, at $33.5 billion.“Despite an uncertain global policy environment, India’s exports, both goods and services, have grown substantially in July, and so far this financial year. It is much higher than global export growth,” commerce secretary Sunil Barthwal said.