India, Aug. 14 -- The country's merchandise exports surged 19.63 per cent to $44.24 billion in July, driven by a jump in shipments of petroleum products, while higher imports pushed the trade deficit to a six-month high of $31.98 billion. Imports rose by about 17.52 per cent year-on-year to $76.22 billion in July due to increase in the inbound shipments of crude oil, which grew by 17.64 per cent to $18.31 billion, according to the data released by the commerce ministry on Thursday. Brent crude oil prices ranged between $72 and $95 per barrel during July. Crude oil imports accounted for about 24 per cent of the total imports during the month. Also Read - WPI inflation eases marginally to 9.78% in July; food, fuel and power prices cool The growth in exports in July was the highest since June 2022, when shipments had risen 30.12 per cent. During April-July this fiscal, exports jumped 17.04 per cent to $173.78 billion, and imports climbed 19.27 per cent to $292.38 billion. Merchandise trade deficit during April-July 2026-27 widened to $118.60 billion as compared to $96.66 billion during April-July 2025-26. In July 2025, the deficit was $27.88 billion. In June it was $30.43 billion. Inbound shipments of raw cotton, pulses, fertiliser, coal and coke, chemical material, project goods, gold, and electronics too pushed the country's import bill during the last month. Also Read - PV dispatches rise to 4,57,810 units in July Electronics, project goods and gold imports grew by 46 per cent to $14.4 billion, about 180 per cent to $90.64 million, and 4 per cent to about $4.16 billion, respectively, in July. Briefing the media on the data, Commerce Secretary Rajesh Agarwal attributed the increase in the country's outbound shipments to higher exports of petroleum products, electronics, engineering and marine goods. The main countries where India's exports recorded a jump in shipments include the US, Singapore, China, South Africa, Tanzania and Malaysia. He also said India's exports to West Asian countries rose 8.62 per cent to $5.7 billion in July. Also Read - Coal India, L&T among 20 cos bidding for rare earth magnet scheme During the last month, petroleum products, electronics, and engineering shipments grew by 67.64 per cent to about $7 billion, 57.4 per cent to about $6 billion, and 17.7 per cent to about $12.24 billion. Meanwhile, as per government estimates, services exports stood at $35.89 billion in July, and imports were $18.94 billion. Moreover, India's exports to the US increased 12.85 per cent to $9.02 billion in July, and shipments to China jumped 64.57 per cent to $2.2 billion. Imports from these countries have also recorded healthy growth during the month under review. The inbound shipments rose 34.42 per cent to $14.67 billion from China and 18.11 per cent to $5.5 billion from the US, according to the ministry's data. Further, India's exports to the West Asian region rose by 8.62 per cent year-on-year to $5.7 billion in July, despite global uncertainties, Commerce Secretary Rajesh Agrawal said on Thursday. Exports to the West Asian countries stood at $5.2 billion in the same month last year, as per the government data.
Published by HT Digital Content Services with permission from Millennium Post.