Indian exports rise for 11th straight month in July, grow 4%

New Delhi, Aug 14 (AZINS) Indian exports rose for the 11th consecutive month in July 2017, official data showed on Monday.

Exports in July at $22.5 billion recorded a growth of over 3.9 per cent on the back of a healthy rise in shipments of engineering goods, petroleum products and chemicals, according to data released by the Commerce Ministry.

The country's exports during the corresponding month of last year stood at $21.69 billion.

"In continuation with the positive growth exhibited by exports for the last eleven months, exports during July 2017 have shown growth of 3.94 per cent in dollar terms valued at $22,543.80 million as compared to $21,689.57 million during July,2016.," the ministry statement said.

"During July 2017, major commodity groups of export showing positive growth over the corresponding month of last year are engineering goods (15.16 per cent), petroleum products (20.27), organic and inorganic chemicals (20.67), cotton yarn/fabrics/made-ups, handloom products etc.(5.39) and marine products(30.53)," it said.

However, the country's imports during the month under review also increased by 15.42 per cent to $33.99 billion from $29.45 billion.

"Major commodity group of imports showing high growth in July 2017 over the corresponding month of last year are petroleum, crude and products (15.02 per cent), electronic goods (22.5), machinery, electrical and non-electrical (7.34), pearls, precious and semi-precious stones (6.86) and gold (95.05)," the statement said.

Besides, the data showed that India's oil imports during July increased by 15.02 per cent to $7.84 billion, from $6.82 billion in the same month last year.

"The global Brent prices ($/barrel) have increased by 8.03 per cent in July 2017 vis-à-vis July 2016 as per World Bank commodity price data," the statement said.

Non-oil imports were up by 15.55 per cent to $26.14 billion, from $22.63 billion in the corresponding month of last year.

Consequently, the trade deficit during the month under review rose higher to $11.45 billion from $7.76 billion reported for July 2016.

Further, the ministry disclosed that the services exports data provided by the Reserve Bank of India (RBI) for June 2017 was estimated at $13.39 billion, and the trade deficit at $5.9 billion

"Taking merchandise and services together, overall trade deficit for April-July 2017-18 is estimated at $34.07 billion, as compared to $10.80 billion during April-July 2016-17," the statement added.