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Export growth slows to 7% in Jul; trade deficit 1-yr high

Trade deficit marginally narrowed down to USD 12.22 billion during the month under review from USD 12.49 billion, according to the Ministry of Commerce and Industry’s data.

After registering double digit growth for two consecutive months, India’s exports grew by 7.33 percent to USD 27.72 billion in July, while imports rose by 4.25 percent to USD 39.95 billion.

Trade deficit marginally narrowed down to USD 12.22 billion during the month under review from USD 12.49 billion, according to the Ministry of Commerce and Industry’s data. Exports in May and June registered a growth of 12.4 percent and 10.22 percent, respectively.

In the April-July period, exports grew by 8.62 percent to USD 107.8 billion.

Imports, however, dipped by 3.8 per cent to USD 153.15 billion during the first four months of this financial year.

Trade deficit during the period (April-July) stood at USD 45.31 billion.

Oil imports increased by 12.75 per cent in July to USD 14.35 billion. Non-oil imports during the month under review were up by 0.03 per cent to USD 25.6 billion.

Country’s gold imports were dip by 26.39 percent to USD 1.81 billion in July this year from USD 2.46 billion in the same month last year.

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