Indian shipments in August started well, garnering $7.4 billion in the first week of the month. Tentative data released by the commerce ministry showed. At the same time, exports grew 50.5 per cent in the first week of August; imports shot up 70 per cent to $10.5 billion, leading to a trade deficit of $3.1 billion during the seven days.

While non-petroleum, non-gems and jewellery imports grew 53.3 per cent, signalling significant pick-up in domestic economic activities, non-petroleum, non-gems and jewellery exports rose 36.6 per cent during the first week of August.

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Sectors that saw the highest exports growth include engineering goods (63.2 per cent), petroleum products (145.3 per cent), and gems and jewellery (121 per cent), while iron ore, oil meals, oil seeds saw the highest decline in exports during the first week of August.