The value of India’s exports increased 11.6 percent year-over-year in July 2013, according to India’s Ministry of Commerce. This was the largest increase since October 2011, and was preceded by two months of declines.
Indian exports were valued at $25.8 billion in July 2013, up from $23.1 billion a year ago. This was the highest export value since March 2013. Exports were also up 8.6 percent from June 2013. Through July 2013, exports were valued at $180.5 billion, 2.8 percent higher year-over-year.
India’s imports fell 6.2 percent to $38.1 billion in July, down from $40.6 billion in July 2012. The drop came after three months of growth. However, July’s imports did rise 5.7 percent month-to-month. For the January-July 2013 period, imports were valued at $288.2 billion, 2.6 percent higher than they were during the same period in 2012.
“It is the constant endeavour of the Government of India to enhance trade with our trade partners for mutual benefit,” the Ministry of Commerce said in a recent release. “In this context, India has taken various initiatives like comprehensive economic cooperation agreements, free trade agreements, preferential trade agreements, agreements on trade in services and investment, and the South Asian Free Trade Area, among others.” Bilateral trade targets were set with a number of countries in Southeast Asia, as well as Argentina. In addition, the government is focusing on the encouragement of agricultural exports through incentive programs and other developmental assistance plans.