Official data showed on Friday that, India’s merchandise exports in July drops 6.84 per cent to $21.69 billion in comparison to $23.28 billion in the subsequent month of 2015. In July the nations imports decrease 19.03 per cent to $29.45 billion, compared with $36.37 billion in the similar month previous year.
Accordingly, the trade deficit for April-July also depreciated to $27 billion next to $45.98 billion in April-July of 2015-16. A Commerce Ministry report here conveyed that, Non-petroleum exports in July 2016 are valued at $19.19 billion against $20.09 billion in July 2015, a decline of 4.46 per cent. Cumulatively, for the April-July, exports were decreased 3.62 per cent in dollar terms at $87 billion, against $90.27 billion over the similar period previous year.
Increasing imports for April-July were worth more than $114 billion, which a 16.33 per cent decrease from $ 136.25 billion worth was recorded for the similar period a year before. Lower global crude prices meant oil imports through the month under review decreased by 28.10 per cent to $ 6.82 billion from $9.49 billion in the subsequent month of previous year.
For April-July, crude oil imports plummeted by 25.01 per cent at $25.67 billion from $34.22 billion in the subsequent period previous year. On Friday the Reserve Bank data showed India’s services exports in June decrease 1.03 per cent at $13.32 billion as compared to a positive expansion of 4.28 per cent in May 2016. Services imports in June recorded positive expansion at $8.39 billion, compared with positive expansion of 10.29 per cent in May 2016.