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Trade deficit almost triples to record $30 billion on oil imports

Exports rise 2.1% in July while imports surge 43.6%

trade deficit, oil imports, crude oil imports, commerce ministry, Business news, Indian express business news, Indian express, Indian express news, Current AffairsThe benchmark Singapore’s gross refining margin (GRM) was trading in the range of $8-12 per barrel since August. Diesel cracks have been in the range of $25-50 per barrel and ATF cracks were around $25-50 per barrel. (File)

Trade deficit almost tripled to a record $30 billion in July from a year before, as a surge in imports, driven by elevated global commodity prices, continued unabated, while export growth lost pace, albeit on an unfavourable base.

According to data released by the Commerce Ministry on Friday, merchandise exports rose just 2.1 per cent on-year in July to $36.3 billion, while imports jumped 43.6 per cent to $66.3 billion. Sequentially, exports in July fell 9.5 per cent from June.

Explained

Eye on deficit

In the first four months of this fiscal, exports grew 20.1 per cent to $157.4 billion, while imports jumped 48.1 per cent to $256.4 billion, leading to a deficit of $99 billion.

In the first four months of this fiscal, exports grew 20.1 per cent to $157.4 billion, while imports jumped 48.1 per cent to $256.4 billion, leading to a deficit of $99 billion. Elevated prices of crude oil, coal and fertiliser in the wake of the Ukraine war has inflated India’s import bill.

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However, the country’s trade deficit may narrow a tad in August, easing concerns on the current account deficit (CAD), albeit to a limited extent, analysts recently said.  FE

First published on: 13-08-2022 at 04:16:10 am
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