India’s outbound shipments surge 50% to a record $35.43 billion in July

India’s outbound shipments rose 49.85% on year to a record $35.43 billion in July, aided by growth in exports of petroleum products and gems and jewellery.

Faster growth in imports, up 63% year-on-year at $46.40 billion, led to widening of the trade deficit to $11 billion from $9.4 billion the previous month and $5 billion in July last year.

Data released by the commerce and industry ministry on Friday showed 20 out of the 30 major export sectors witnessed growth last month.


A Sakthivel, president of the Federation of Indian Export Organisations (FIEO), said sustained growth in exports of about 50% over July FY21 and 35% over FY20 demonstrated the strength and resilience of the exports sector.

“It also is a sign that global trade is recovering fast. Global demand during this period has also remained buoyant as the order booking positions of the exporters have still been impressive,” he said.

Engineering goods, textiles and apparels, chemicals and electronic goods were the other dominant export drivers.

Imports of gold rose 135% to $4.2 billion in July while those of project goods and silver declined.

“The higher value of petroleum products accounted for more than one-third of the YoY rise in merchandise exports in July,” said Aditi Nayar, chief economist, ICRA.

Non-oil, Non-gold Imports up 45.4%
Non-oil, non-gold imports rose in July at 45.4%, reflecting a pickup in demand with the gradual unlocking and high commodity prices.

Separately, the textiles ministry on Friday notified the guidelines and continuation of the Scheme for Rebate of State and Central Taxes and Levies on Export (RoSCTL) for apparel and madeups till March 31, 2024. Under this, exporters would be issued a duty credit scrip for the value of embedded taxes and levies contained in the exported product.

They can use this scrip to pay basic customs duty for the import of equipment, machinery or any other input.

Last month, the government approved the extension of the scheme.