India s Exports jumped by 11.64 in July trade deficit drops significantly

Total exports jumped by 11.64% in July compared to same month last year to USD 25.83 billion. At the same time, total imports dropped by 6.2% in July compared to same month last year to USD 38.1 billion. A sharp decline in gold & silver imports to USD 2.97 billion in July 2013 compared to USD 4.47 billion of imports in the same month last year.

Trade deficit dropped to USD 12.27 billion which still puts pressure on current account deficit and Indian Rupee. Lower trade deficit brings some relief to policy makers struggling with high current account deficit.

Cumulative exports during April-July for financial year 2013-14 increased by 1.72% to USD 98.29 billion and cumulative imports during the period were increased by 2.82% to USD 160.73 billion. The trade deficit for April-June of financial year 2013-14 was at USD 62.44 billion which was slightly higher than the trade deficit of USD 59.69 billion in the same period last year.