India’s merchandise exports declined for the sixth consecutive month to a nine-month low of $32.25 billion in July, marking a decline of 15.9 per cent year-on-year amid weak external demand, especially slowing consumption demand in some developed economies, data released by the Ministry of Commerce and Industry on Monday showed. The decline came amid a steeper fall in imports, which fell 17 per cent year-on-year to $52.92 billion.
This led to a narrowing of the trade deficit to $20.67 billion against $25.43 billion in July 2022. Officials said a major part of the decline in exports has been on account of a decline in global crude prices due to which petroleum products exports recorded a decline in value terms and not in volume terms.
This story is subscriber only!
Now subscribe at a special Republic Day offer of Rs 75/month.
Subscribe Now
Already a subscriber? Sign in