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Exports Rebound as Trade Deficit Hits Eight-Month High

Production Linked Incentives driving competitiveness alongside a strong services surplus underpinned by a sovereign rating upgrade seek to ease external financing strains.

Tariffs on Auto Exports | Image: AI Generated
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Overview

  • Merchandise exports climbed 7.29% in July to $37.24 billion led by engineering, electronics, gems & jewellery, pharmaceuticals and chemicals.
  • Imports rose 8.6% to $64.59 billion in July, pushing the monthly trade gap to $27.35 billion, the largest shortfall since November.
  • Shipments to the United States grew about 20% in July and 21.6% for April–July as exporters front-loaded orders ahead of potential tariffs.
  • Services exports held at $31.03 billion in July, generating a $63.53 billion surplus from April to July that cushions the merchandise deficit.
  • EXIM Bank forecasts 4.5% goods export growth in July–September to $108.1 billion, and S&P Global’s upgrade to BBB with a stable outlook may lower borrowing costs.