Exports grew by 11.64 per cent to $25.83 billion in July, snapping two consecutive months of decline, on the back of demand from Africa, The Association of Southeast Asian Nations (ASEAN) and Far East regions.
Imports also declined by 6.2 per cent to $38.1 billion during the month, leaving a trade deficit of $12.2 billion. Trade deficit was at $17.47 billion in July last year.
Gold and silver imports stood at $2.9 billion in July, down from $4.4 billion in the same period last year.
Commerce secretary S.R. Rao said exports to regions like Africa, ASEAN and Far East are helping the country’s shipments to grow.
During April-July this fiscal, exports grew by 1.72 per cent to $98.2 billion. Imports too increased by 2.82 per cent to $160.7 billion during the period.
Trade deficit during the first four months of this fiscal stood at $62.4 billion.
Oil imports in July declined by eight per cent to $12.7 billion and during April-July period it grew by 2.65 per cent to $54.5 billion.