Export up 3.94 pc in July; trade deficit widens to USD 11.44 billion

New Delhi: India's export grew by 3.94 per cent on a yearly basis to USD 22.54 billion in July on account of rise in shipments of petroleum, chemicals and marine products, official data released on Monday showed.

Import too rose by 15.42 per cent to USD 34 billion in July from USD 29.45 billion in the year-ago month due to rise in inward shipments of crude oil and gold.

A rise in gold import shot up the country's trade deficit to USD 11.44 billion in the month under review from USD 7.76 billion in July 2016, the data released by the commerce ministry showed. Gold import increased by 95 per cent to USD 2.10 billion in July against USD 1.07 billion in the same month last year.

Oil import was valued at USD 7.84 billion in July, an increase of 15 per cent over the same month in 2016. Cumulative export during April-July of 2017-18 rose by 8.91 per cent to USD 94.75 billion while import increased by 28.30 per cent to USD 146.25 billion, leaving a trade deficit of USD 51.5 billion.