India's trade deficit widens to $31.98 bn in July; exports rise 19.63% to $44.24 bn

India's merchandise trade deficit widened to $31.98 billion in July from $27.88 billion a year ago, according to government data released on Thursday.

Merchandise exports rose 19.63% to $44.24 billion in July from $36.98 billion a year earlier, while imports increased 17.52% to $76.22 billion.

The rise in the trade gap came despite strong growth in exports, led by petroleum products, electronic goods and engineering goods.

Petroleum products exports jumped 67.64% to $6.92 billion in July, while electronic goods shipments rose 57.40% to $5.92 billion.

India's overall trade deficit, including services, stood at an estimated $15.03 billion in July, compared with $11.43 billion in the year-ago month.

Total exports of merchandise and services rose 13.31% to an estimated $80.14 billion in July, while imports increased 15.83% to $95.16 billion.

Services exports were estimated at $35.89 billion in July, compared with $33.74 billion a year earlier. Services imports increased to $18.94 billion from $17.30 billion, resulting in a services trade surplus of $16.95 billion.

For April-July, the merchandise trade deficit widened to $118.60 billion from $96.66 billion in the corresponding period last fiscal.

Merchandise exports during the four-month period increased 17.04% to $173.78 billion, while merchandise imports rose 19.27% to $292.38 billion.

The services trade surplus, however, improved to $69.17 billion during April-July from $64.35 billion a year earlier.

The overall trade deficit for April-July stood at $49.43 billion, compared with $32.32 billion in the year-ago period.

Total exports during the four-month period rose 13.16% to $316.42 billion, while imports grew 17.28% to $365.85 billion.