India's outbound shipments contracted after a gap of three months in July by 1.48 per cent to $33.98 billion owing to muted global demand and geopolitical challenges.
Inbound shipments rose 7.46 per cent to $57.48 billion during the month, leading to a trade deficit of nine-month high at $23.5 billion, data released by the commerce department showed. The deficit was $19 billion in July last year.
Commerce secretary Sunil Barthwal said that while merchandise exports grew 4 per cent on a cumulative basis (AprilJuly), July's contraction can be attributed to low exports of petroleum products amid tepid demand and high imports of crude oil.
"There are various factors that have contributed to the decline in petroleum exports. One factor is the fall in prices.
Secondly, the demand for some of the products is low.
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FY25 as weak-earnings year is gradually getting priced in
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Re-examine trade pacts
India must consider entering CPTPP, RCEP
