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Export growth slows in July

New Delhi, Aug. 14: Exports grew 7.33 per cent to $27.72 billion in July, after registering a double-digit growth for two consecutive months.

Imports rose 4.25 per cent to $39.95 billion.

Trade deficit narrowed down to $12.22 billion in July from $12.49 billion a year ago, according to the commerce ministry data.

Rafeeque Ahmed, president of the Federation of Indian Export Organisations (Fieo), said, “The export growth is below expectation. Engineering, chemicals & pharma, apparels, leather, and marine continued to post better results in July as in the earlier months. However, gems & jewellery, electronics, and cotton textiles continue to be the cause for concern as their negative growth is pulling down overall export growth.”

Exports had grown 12.4 per cent in May and 10.22 per cent in June. In the April-July period, exports grew 8.62 per cent to $107.8 billion.

Imports fell 3.8 per cent to $153.15 billion during the first four months of this fiscal. Trade deficit during the period stood at $45.31 billion.

 
 
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