NEW DELHI (Reuters) – India’s merchandise trade deficit in July was wider than expected, government data showed on Wednesday.
The merchandise trade deficit stood at $23.5 billion in July, according to a Reuters calculation, higher than economists’ expectation of $21.35 billion, according to a Reuters poll. In June, the trade deficit was $20.98 billion.
India’s merchandise exports stood at $33.98 billion in July, while imports were $57.48 billion, government data showed.
In June, merchandise exports were $35.20 billion, while imports stood at $56.18 billion.
“Our exports are holding on despite what is happening globally, reflected in substantial increase in engineering and electronics good exports,” Trade Secretary Sunil Barthwal told reporters in New Delhi.
“Monthly fluctuations in exports are largely impacted by crude oil prices.”
Services exports in July were $28.43 billion, while services imports were at $14.55 billion compared with $28.82 billion and $15.02 billion, respectively, in June.
(Reporting by Nikunj Ohri and Manoj Kumar; Editing by Mrigank Dhaniwala)
