NEW DELHI (XINHUA) – India’s trade deficit almost tripled to a record USD30 billion in July compared to a year ago, said official data released by the country’s Commerce and Industry Ministry.
The rise in trade deficit has been attributed to a surge in imports driven by elevated global commodity prices.
According to the data, merchandise exports rose by 2.1 per cent in July to USD36.3 billion compared to the previous year, while imports jumped by 43.6 per cent to USD66.3 billion.
Overall exports fell 9.5 per cent in July as compared to June, said the data.
The data further showed that during the first four months of this financial year, exports grew 20.1 per cent to USD157.4 billion, while imports jumped 48.1 per cent to USD256.4 billion, leading to a deficit of USD99 billion.
Citing reasons for rising imports, the Commerce and Industry Ministry stated, “Elevated prices of crude oil, coal and fertiliser in the wake of the Ukraine war have inflated India’s import bill.”