Saturday, December 9, 2023

India Export Grew Up By 2 Percent In July 2022 Trade Deficit Hit At A…

India’s Export in July 2022: The country’s exports grew by 2.14 percent to $ 36.27 billion in July. At the same time, due to a 70 percent increase in crude oil prices, the trade deficit almost tripled to $ 30 billion in the same month. The trade deficit in July 2021 was $10.63 billion.

By how much did imports increase on a yearly basis?
In July, imports grew 43.61 per cent year-on-year to $66.27 billion, according to official data. Preliminary data released earlier this month had projected exports during July to decline 0.76 per cent to $35.24 billion. It was $ 35.51 billion in July 2021.

48 percent increase in 4 months
At the same time, during the April-July period of the current financial year, exports grew by 20.13 per cent to $ 157.44 billion while imports during these four months increased by 48.12 per cent to $ 256.43 billion.

trade deficit also increased
The trade deficit also widened to $98.99 billion during this period. It was $42 billion in the same period a year ago. Crude oil and petroleum products imports stood at $21.13 billion in July this year, up 70.4 percent from $12.4 billion in July 2021.

Gold imports also decreased
According to the data, imports of coal, coke and briquettes have more than doubled to $ 5.2 billion in the last month. While imports of vegetable oil increased by 47.18 percent to $2 billion. However, gold imports declined by 43.6 per cent to $2.37 billion from $4.2 billion in July 2021.

Which sector has positive growth?
Exports of engineering goods, petroleum products, gems and jewelery and pharmaceuticals declined year-on-year in July 2022. Sectors that have shown positive growth on the export front include petroleum products, leather, electronic goods and coffee. On the other hand, engineering, gems and jewellery, plastics, cashew and carpet declined.

How much was the export?
According to the data, the estimated value of exports of services for July 2022 was $24.91 billion. This is an increase of 28.69 per cent on a yearly basis. At the same time, imports are estimated to be $ 15.95 billion, which is 40.02 percent more.

Know what is the opinion of experts?
Federation of Indian Export Organizations (FIEO) President A Sakthivel said with the opening up of economies after the Covid-19 pandemic, there has been a resurgence in consumption from goods to services. Inflation has affected all the economies, which reduces the purchasing power of the people. Due to this, there has been a recession in many economies while some developed economies are already in the grip of recession.

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