In July, India’s merchandise imports rose to $57.48 billion.
In July this year, India’s merchandise imports rose 7.4% to $57.48 billion compared to $53.49 billion in July last year.
According to data released by the Ministry of Commerce and Industry on August 14, imports of merchandise goods have increased due to surge in imports of crude oil, silver and electronic goods.
India’s merchandise export growth fell to an eight-month low in July, with exports declining 1.47% to $33.98 billion due to sluggish global demand, geopolitical challenges and falling crude oil, commodities and metal prices.
On the services front, services exports are estimated at $28.4 billion in July this year, up 8% from $26.2 billion in the same month last year.
Petroleum products, which account for over 15% of India’s exports, fell 22% to $5.23 billion in July.
Imports of petroleum and crude products rose 17.4% to $13.87 billion.
In addition, Gold imports declined 10.65% to $3.13 billion in July.
