India's exports rise 14.32 per cent to £20.17 billion in July

Exports from India jumped by 14.32 per cent to 20.17 billion GBP in July 2018 when compared to 17.64 billion GBP recorded during the same period last year (year-on-year (Y-O-Y)).

Higher than expected performance by gems and jewellery sector and petroleum products pushed to record a 14.32 per cent jump in the exports, according to the data released by India’s Ministry of Commerce and Industry on Tuesday (14).

India’s imports also recorded an upward movement in the last month, according to the trade data released by the ministry. Country’s merchandise imports reached 34.28 billion GBP, a growth of 28.81 per cent when compared to 26.61 billion GBP recorded in the last year.

The sharp rise in imports caused to widen the trade deficit to 14.11 billion GBP in the last month against a deficit of 8.96 billion GBP reported during July 2017.

Gold imports jumped by 40.94 per cent in July to 2.32 billion GBP when compared to 1.65 billion GBP reported in July 2017.

Shipments of petroleum products from India increased by about 30 per cent from 2.35 billion GBP recorded in July last year to 3.05 billion GBP. Export of gems and jewellery have also recorded an uptick of 24.62 per cent to 2.49 billion GBP.