India's Exports Surge By 2.14 Per Cent To $36.27 Billion In July
India’s foreign exchange reserves declined $897 million to $572.978 billion in the week ended August 5, the RBI said
India's exports rose by 2.14 per cent to $36.27 billion in July while the trade deficit almost tripled to $30 billion during the month, according to official data released on Friday.
Imports shot up by 43.61 per cent to $66.27 billion in the month compared to July 2021, the data showed. The trade deficit was $10.63 billion in July 2021.
Preliminary data released earlier this month had shown a 0.76 per cent contraction in exports at $35.24 billion for July against $35.51 billion in July 2021. The trade deficit was pegged at a record $31 billion in the month fuelled by over 70 per cent rise in crude oil imports.
India's Forex reserves
Meanwhile, India’s foreign exchange (Forex) reserves declined $897 million to $572.978 billion in the week ended August 5, according to the Reserve Bank of India (RBI).
In the previous week ended July 29, the reserves had risen $2.315 billion to $573.875 billion.
In the week ended August 5, the fall in the foreign exchange reserves was due to a dip in the Foreign Currency Assets (FCA), a major component of the overall reserves, as per the Weekly Statistical Supplement released by RBI on Friday.
FCA declined $1.611 billion to $509.646 billion, the data showed.
Expressed in dollar terms, FCA includes the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
Gold reserves increased $671 million to $40.313 billion in the week ended August 5.
The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) rose $46 million to $18.031 billion.
The country's reserve position with the IMF declined $3 million to $4.987 billion in the reporting week, the data showed.
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With PTI inputs
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