India’s merchandise exports down 16 pc in July, trade deficit stands at $ 20.67 billion

New Delhi, (UNI) Amid slowdown in global demand, India’s merchandise exports fell 15.88% year-on-year to US$ 32.25 billion in July 2023.

India had shipped goods worth US$ 38.34 billion in July 2022.

India’s merchandise imports stood at US$ 52.92 billion in July 2023, a drop of 17% compared to imports worth US$ 63.77 billion in July 2022.

The merchandise trade deficit in July 2023 widened to US$ 20.67 billion. India’s merchandise trade deficit in June this year was US$ 20.13 billion.

Data released by Commerce Ministry showed India’s services exports in July 2023 were US$ 27.17 billion as against US$24.26 billion in July 2022.

Services imports in July 2023 stood at US$ 14.85 billion.

India’s overall exports (merchandise and services) in July 2023 were US$ 59.43 billion as against US$ 62.59 billion in the same month last year. Overall imports during July this year were US$ 67.77 billion resulting in a trade deficit of US$ 8.35 billion.

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