Engineering goods exports grew 63 per cent to $834 million in the first week of August. Gold imports declined by 12.48 per cent to $100 million during the period under review.
Imports rose 70 percent to $10.45 billion.
The country’s exports increased by 50.45 percent to $ 7.41 billion during August 1 to 7. This information has been given in the provisional data of the Ministry of Commerce. The overall exports have increased due to good exports of engineering goods, gems and jewellery. According to the data, imports also increased by 70 percent to $ 10.45 billion during August 1 to 7. Thus, the trade deficit stood at three billion dollars.
Engineering goods exports grew 63 per cent to $834 million during the period under review. Similarly, exports of gems and jewelery increased by 121 per cent to $418 million. Petroleum products exports grew 14.5 per cent to $522 million. However, exports of iron ore, oil cakes and oilseeds declined during this period. During August 1-7, the country’s crude oil imports increased by 141 percent to $ 1.80 billion. Similarly, imports of electronics goods increased by 31 percent to $ 308 million.
Gold import down 12.48 percent
Gold imports declined by 12.48 per cent to $100 million during the period under review. During this period, exports to the US increased by 48.4 percent to $ 462.7 million. Exports to the United Arab Emirates (UAE) rose 70 percent to $209.7 million and Saudi Arabia rose 180 percent to $164 million.
Exports in July hit the highest level in 9 years
Here, according to the new data released by the Ministry of Commerce and Industry, the country’s export of commercial goods has already increased to $ 35.17 billion in the month of July. These figures have been recorded at a record level of the last 9 years.
Increasing demand in foreign markets
Actually, now countries around the world are recovering from the corona epidemic. This is the reason why the demand for goods in foreign markets has increased very rapidly. Obviously, when the demand increases, the exporting countries also export. India is also included in those exporting countries. If we compare these figures with the figures of the year 2019, then we will find that this year there has been an increase of 34 percent. On the other hand, if we compare the exports of July of last year with the month of July of this year, then we will find that there has been an increase of 48%.
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