New Delhi: Director General Foreign Trade (DGFT) Santosh Sarangi said that for the month of July 2023, under merchandise exports, 11 of the 30 key sectors exhibited positive growth in July 2023 as compared to same period last year (July 2022).
And DGFT Shri Sarangi said that India’s trade deficit has shown considerable decline in April-July 2023. Overall trade deficit for April-July 2023 is estimated at USD 28.26 Billion as compared to the deficit of USD 46.72 Billion during April-July 2022, registering a decline of (-) 39.52 percent.
The merchandise trade deficit during April-July 2023 was USD 76.98 Billion compared to USD 87.99 Billion during April-July 2022, registering a decline of (-) 12.51 percent.
Shri Sarangi took up detailed review of exports and imports. Under Merchandise exports, these include Iron Ore (962.82%), Oil Meals (34.24%), Oil Seeds (32.83%), Ceramic Products & Glassware (20.82%), Fruits & Vegetables (18.94%), Electronic Goods (13.09%), Coffee (11.9%), Cotton Yarn/Fabs./Made-Ups, Handloom Products Etc. (6.62%), Rice (5.38%), Cereal Preparations & Miscellaneous Processed Items (2.56%) and Drugs & Pharmaceuticals (0.09%).
He said that Exports of Electronic goods increased by 13.09 percent during July 2023 at USD 2.05 Billion as compared to USD 1.81 Billion in July 2022. During April-July 2023 electronic goods exports were recorded at USD 9.01 Billion as compared to USD 6.55 Billion during April-July 2022, registering a growth of 37.60 percent. Enabling policies facilitating greater investment in electronics, mobile manufacturing, etc. has resulted in visible growth in these sectors.
Under merchandise imports, 16 out of 30 key sectors exhibited negative growth in July 2023. These include Silver (-97.17%), Project Goods (-69.48%), Cotton Raw & Waste (-54.24%), Coal, Coke & Briquettes, Etc. (-47.2%), Fertilisers, Crude & Manufactured (-41.48%), Pearls, Precious & Semi-Precious Stones (-38.37%), Petroleum, Crude & Products (-36.65%), Newsprint (-32.07%), Organic & Inorganic Chemicals (-26.13%), Textile Yarn Fabric, Made-Up Articles (-24.67%), Leather & Leather Products (-19.35%), Vegetable Oil (-19.01%), Fruits & Vegetables (-17.58%), Wood & Wood Products (-13.13%), Artificial Resins, Plastic Materials, Etc. (-11.93%) and Metaliferrous Ores & Other Minerals (-1.51%).
For April-July 2023, under merchandise exports, 11 of the 30 key sectors exhibited positive growth during April-July 2023 as compared to April-July 2022. These include Iron Ore (64.52%), Electronic Goods (37.6%), Oil Meals (33.36%), Oil Seeds (26.95%), Fruits & Vegetables (15.15%), Ceramic Products & Glassware (12.39%), Spices (10.14%), Coffee (5.98%), Rice (4.08%), Drugs & Pharmaceuticals (3.99%) and Tobacco (3.21%).
Under merchandise imports, 19 of the 30 key sectors exhibited negative growth in April-July 2023 as compared to April-July 2022. These include Silver (-91.12%), Sulphur & Unroasted Iron Pyrites (-50.73%), Project Goods (-41.92%), Cotton Raw & Waste (-38.69%), Coal, Coke & Briquettes, Etc. (-35.88%), Vegetable Oil (-29.05%), Pearls, Precious & Semi-Precious Stones (-28.76%), Organic & Inorganic Chemicals (-27.34%), Petroleum, Crude & Products (-23.21%), Textile Yarn Fabric, Made-Up Articles (-22.64%), Fertilisers, Crude & Manufactured (-21.76%), Artificial Resins, Plastic Materials, Etc. (-13.59%), Wood & Wood Products (-13.35%), Fruits & Vegetables (-12.33%), Metaliferrous Ores & Other Minerals (-11.17%), Leather & Leather Products (-8.06%), Medicinal & Pharmaceutical Products (-4.89%), Transport Equipment (-4.23%) and Newsprint (-3.6%).
Silver imports slumped by 97.17 percent from USD 1.08 Billion in July 2022 to USD 0.03 Billion in July 2023.
Services exports are projected to grow positively at 7.56 percent during April-July 2023 over April-July 2022.
