India’s July Exports Increase By 2.8% To USD 62.4 Billion; Trade Deficit Grows To USD 9.6 Billion

This July, India’s total exports, including merchandise & services, have recently increased by 2.81% year-on-year, thus now amounting to USD 62.42 billion. Reveals data released by the Commerce Ministry on Wednesday.

In July of the previous year, exports amounted to USD 60.71 billion. Earlier, in the first four months of the 2024-25 financial year (April- July), India’s total exports reached approximately USD 260 billion.

In the previous month of June, India’s combined exports of merchandise and services stood at USD 65.47 billion.

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However, imports also rose year-on-year in July, following a similar trend in June. Total imports, combining both merchandise and services, increased from USD 67.23 billion to USD 72.03 billion, a growth of about 7.13%.

As a result, the trade deficit—representing the gap between exports and imports—widened from USD 6.5 billion to USD 9.61 billion in July.

But in the recently concluded financial year 2023-24, India achieved record exports totaling USD 778 billion, up from USD 776.3 billion in 2022-23. Service exports increased from USD 325.3 billion to USD 341.1 billion. However, the merchandise exports slightly declined from USD 451.1 billion to USD 437.1 billion.

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Imports also fell from USD 898 billion in 2022-23 to USD 853.8 billion in 2023-24, and the trade deficit has improved significantly from USD 121.6 billion to USD 75.6 billion.

Overall, the government continues to remain optimistic about meeting its full-year target of USD 800 billion.

(With Inputs From ANI)