Exports dip 1.2% in July to enter negative zone; trade deficit widens to $23.5 billion

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

According to government data, imports rose by about 7.45 per cent to $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 $13.87 billion, while silver imports jumped 439 per cent to $165.74 million during the month under review.

The trade deficit, or the gap between imports and exports, was $21 billion in June and $19.3 billion in July 2023. Briefing media on data, Commerce Secretary Sunil Barthwal said that going by the current trend, the country's total exports of goods and services will cross last year's figure of $778 billion.