India’s trade deficit reached $ 31 billion in July, the highest in history
Due to the unilateral fall in the Indian rupee, the economic data of the country has started being disrespected. According to the data released on Tuesday evening, India’s trade deficit reached a new record high of $ 31.02 billion in July. This figure is three times more than the figure for the month of July last year. At the same time, India’s trade deficit in June stood at $ 26.18 billion, which is the worst figure in history before July.
According to data released by the commerce ministry, the country’s imports rose to $66.26 billion in July from $46.15 billion in the same month last year. With this, the country’s exports in July 2022 remained stable at about $ 35.24 billion as compared to the previous year.
Huge impact on the devaluation of the rupee:
India’s trade deficit has widened sharply in recent months due to high global commodity prices. This has put pressure on the exchange rate of the rupee. The rupee was making a new all-time low against the US dollar on a daily basis since early July. On July 19, the rupee crossed 80 against the dollar and reached a new record low.
Exports of $ 156.41 billion in four months:
India’s exports totaled $429.2 billion in FY 2022. Commerce Secretary BVR Subramaniam said exports stood at $156.41 billion in the first four months of the fiscal. This shows that we are on track to achieve the export figure of $470 billion in the current financial year. Commodity exports in July declined sharply by 12 per cent compared to June.
India’s trade deficit widened to $100.01 billion in the April-July quarter, significantly higher than the $42.07 billion deficit in the first four months of FY22.