India’s merchandise exports in July fell by 1.2% to $33.98 billion, down from $34.39 billion recorded in the same month the previous year, according to government data released on Wednesday. This decline contrasts with the growth seen in imports, which increased by 7.45% to $57.48 billion compared to $53.49 billion in July of the previous year.
The trade deficit, representing the gap between imports and exports, widened to $23.5 billion in July. This reflects the growing disparity between the value of goods and services imported into India and those exported.
Commerce Secretary Sunil Barthwal addressed the media, highlighting that if current trends persist, the country’s total exports of goods and services are likely to exceed last year’s figures. Despite the July dip, India’s merchandise exports had seen a rise of 2.56% to $35.2 billion in June, although the trade deficit had expanded to $20.98 billion during that month.
For the period spanning April to July of this fiscal year, India’s exports grew by 4.15% to $144.12 billion, while imports rose by 7.57% to $229.7 billion. This data indicates ongoing expansion in trade activity, albeit with a notable increase in the trade deficit.
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