Trade deficit widens to $23.5 billion - India's exports dip 1.2% in July to enter negative zone

After remaining in the positive zone for three months, India's exports contracted 1.2 per cent to USD 33.98 billion in July, while the trade deficit widened to USD 23.5 billion.

According to government data, imports rose by about 7.45 per cent to USD 57.48 billion in July due to a jump in the inbound shipments of crude oil, silver and electronic goods.

Crude oil imports rose 17.44 per cent to USD 13.87 billion, while silver imports jumped 439 per cent to USD 165.74 million during the month under review.