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India’s Exports Surge as Trade Deficit Hits Eight-Month High

Pre-tariff frontloading boosted shipments of engineering, electronics and jewellery to the United States; surging imports of crude oil, gold and intermediate goods pushed the trade deficit to $27.35 billion

Tariffs on Auto Exports | Image: AI Generated
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Overview

  • Merchandise exports rose 7.29% year on year to $37.24 billion in July, snapping a two-month decline.
  • Imports climbed 8.6% to $64.59 billion, driven by higher crude oil, gold and intermediate goods purchases.
  • Shipments to the United States jumped nearly 20% in July, led by engineering, electronics and gems & jewellery before planned U.S. tariff increases.
  • Services exports remained resilient at an estimated $31.03 billion in July and $128.43 billion in April–July, partially offsetting the goods deficit.
  • Exim Bank forecasts Q2 merchandise exports of $108.1 billion (up 4.5%), while officials ramp up PLI incentives and free-trade talks to guard against tariff and commodity-price pressures.