India's exports grew by 19.63% to $44.24 billion in July, trade deficit increased

According to the Ministry of Commerce data, India's trade balance deficit increased in July, reaching a six-month high of $31.98 billion. Previously, the deficit in July 2025 was $27.88 billion.

The widening deficit occurred against the backdrop of a significant rise in goods imports, which increased by 17.5 percent to reach a nine-month high of $76.22 billion. Simultaneously, goods exports grew by 19.6 percent, amounting to $44.24 billion during this month.

In a broader perspective, for the first four months of the fiscal year that began in April, India's imports reached $292.38 billion, which is 19.3 percent higher compared to the same period last year. Regarding goods exports, for the April-July period, it increased by 17 percent year-on-year, totaling $173.78 billion.

India's bill for crude oil imports increased by 26% compared to the previous year in the first quarter of 2026-27. This growth occurred even though supply volumes decreased by 18%. The reason for this increase was supply disruptions due to the conflict in the Middle East, which led to higher oil prices.

During this quarter, Russia, which is India's largest supplier, supplied crude oil at an average price of $2408 per ton. At the same time, crude oil from the UAE cost $2213 per ton.