Exports contract in July; trade deficit widens

India's export growth for July fell to an eight-month low due to decreased global demand and declining prices of crude, commodities, and metals. Goods exports contracted by 1.47% to $33.98 billion, mainly due to lower petroleum product exports. Imports increased by 7.45% to $57.48 billion, widening the trade deficit to $23.5 billion. This was driven by higher imports of crude oil, silver, and electronic goods. Engineering, electronics, textiles, and pharmaceuticals were sectors that saw a rise in exports.

from News-Economic Times https://ift.tt/81oUZLR