India's July trade deficit widened to $31.98 bln from $30.4 bln in June, above a median economist estimate of $30.5 bln, as imports outpaced exports. Exports rose 19.6% YoY to $44.24 bln while imports increased 17.5% YoY to $76.22 bln. Strong import growth signals resilient domestic demand ahead of the festival season: vehicle sales are at record levels, credit growth hit a two-year high and GST receipts are rising at double-digit rates. Commerce Ministry secretary Rajesh Agrawal said export gai

India's July trade deficit widened to $31.98 bln from $30.4 bln in June, above a median economist estimate of $30.5 bln, as imports outpaced exports. Exports rose 19.6% YoY to $44.24 bln while imports increased 17.5% YoY to $76.22 bln. Strong import growth signals resilient domestic demand ahead of the festival season: vehicle sales are at record levels, credit growth hit a two-year high and GST receipts are rising at double-digit rates. Commerce Ministry secretary Rajesh Agrawal said export gains were led by oil products, electronics, engineering goods, gems and jewellery, iron ore, meat, dairy and poultry and seafood, with strong performance in Spain, Australia, Kenya and ASEAN markets.