India's July Goods Trade Deficit Widens to $32 Billion as Imports Outpace 19.6% Export Growth
Updated
Updated · BW Businessworld · Aug 22
India's July Goods Trade Deficit Widens to $32 Billion as Imports Outpace 19.6% Export Growth
3 articles · Updated · BW Businessworld · Aug 22
Summary
$32 billion marked India's July merchandise trade deficit as imports rose 17.5% to $76.2 billion, outweighing faster export growth and widening the goods gap.
19.6% export growth was driven mainly by petroleum, with oil shipments surging 68% year on year amid higher crude prices and West Asia uncertainty; core export growth eased to 14.9%.
$17 billion in services surplus offered a partial cushion, up from $16.4 billion a year earlier, helping offset pressure from the wider merchandise deficit.
1.5% of GDP is Crisil Intelligence's forecast for India's fiscal 2027 current account deficit, up from 0.6% in fiscal 2026, as crude is seen averaging $82-$87 a barrel.