India's Exports Surge 19.6% in July; Trade Deficit Widens To 6-Month High

New Delhi: The country's merchandise exports surged 19.63 per cent to USD 44.24 billion in July, driven by a jump in shipments of petroleum products, while higher imports pushed the trade deficit to a six-month high of USD 31.98 billion.

Imports rose by about 17.52 per cent year-on-year to USD 76.22 billion in July due to increase in the inbound shipments of crude oil, which grew by 17.64 per cent to USD 18.31 billion, according to the data released by the commerce ministry on Thursday.

Brent crude oil prices ranged between USD 72 and USD 95 per barrel during July. Crude oil imports accounted for about 24 per cent of the total imports during the month.

The growth in exports in July was the highest since June 2022, when shipments had risen 30.12 per cent.

During April-July this fiscal, exports jumped 17.04 per cent to USD 173.78 billion, and imports climbed 19.27 per cent to USD 292.38 billion.

Merchandise trade deficit during April-July 2026-27 widened to USD 118.60 billion as compared to USD 96.66 billion during April-July 2025-26. In July 2025, the deficit was USD 27.88 billion. In June it was USD 30.43 billion.

Inbound shipments of raw cotton, pulses, fertiliser, coal and coke, chemical material, project goods, gold, and electronics too pushed the country's import bill during the last month.

Electronics, project goods and gold imports grew by 46 per cent to USD 14.4 billion, about 180 per cent to USD 90.64 million, and 4 per cent to about USD 4.16 billion, respectively, in July.

Briefing the media on the data, Commerce Secretary Rajesh Agarwal attributed the increase in the country's outbound shipments to higher exports of petroleum products, electronics, engineering and marine goods.

The main countries where India's exports recorded a jump in shipments include the US, Singapore, China, South Africa, Tanzania and Malaysia.

He also said India's exports to West Asian countries rose 8.62 per cent to USD 5.7 billion in July.

During the last month, petroleum products, electronics, and engineering shipments grew by 67.64 per cent to about USD 7 billion, 57.4 per cent to about USD 6 billion, and 17.7 per cent to about USD 12.24 billion.

Meanwhile, as per government estimates, services exports stood at USD 35.89 billion in July, and imports were USD 18.94 billion.