July exports shrink 10.2%, trade deficit hits three-month high of $4.83 bn

Imports contraction falls steeply to 28% as trade deficit rises to three-month high of $ 4.83 billion

India’s exports contracted by 10.2 per cent in July, slightly lower than June’s 12.4 per cent, as trade of major foreign-exchange earners such as petroleum, gems, electronics, and textiles remained subdued.

Outbound trade stood at $23.64 billion last month, completing its fifth straight month of contraction. However, July’s fall was at a much lower rate than the 60.28 per cent and 36.47 per cent recorded in April and May, respectively.

In July, exports were stabilised by large shipments of engineering goods and pharmaceuticals being cleared over the month. Engineering goods exports rose 8 per cent to $6.6 billion, following a 7.5 per