Indian exports fall by 6.84% in July

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New Delhi, Aug 12 (IANS) India’s merchandise exports in July fell 6.84 per cent to $21.69 billion compared to $23.28 billion in the corresponding month of 2015, official data showed on Friday.

The country’s imports in July fell 19.03 per cent to $29.45 billion, compared with $36.37 billion in the same month last year.

Consequently, the trade deficit for April-July also declined to $27 billion against $45.98 billion in April-July of 2015-16.

“Non-petroleum exports in July 2016 are valued at $19.19 billion against $20.09 billion in July 2015, a decrease of 4.46 per cent,” a Commerce Ministry statement here said.

Cumulatively, for the April-July, exports were down 3.62 per cent in dollar terms at $87 billion, against $90.27 billion over the same period last year.

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Cumulative imports for April-July were worth more than $114 billion, which was a 16.33 per cent fall from $ 136.25 billion worth recorded for the same period a year ago.

Lower global crude prices meant oil imports during the month under review declined by 28.10 per cent to $ 6.82 billion from $9.49 billion in the corresponding month of last year.

For April-July, crude oil imports plummeted by 25.01 per cent at $25.67 billion from $34.22 billion in the corresponding period last year.

The Reserve Bank data on Friday showed India’s services exports in June fell 1.03 per cent at $13.32 billion as compared to a positive growth of 4.28 per cent in May 2016.

Services imports in June recorded positive growth at $8.39 billion, compared with positive growth of 10.29 per cent in May 2016.

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