India’s trade deficit stands at $20.67 billion for July 2023

NEW DELHI — India’s trade deficit for July 2023 stood at $20.67 billion with imports worth $52.92 billion and exports worth $32.25 billion.

The trade deficit for the corresponding period of last year stood at $25.43 billion.

In June 2023, the trade deficit slid to $20.13 billion, compared to $22.1 billion in May 2023. Thus, the July trade deficit is slightly higher than June numbers, according to figures released by the Commerce Ministry on Monday.

Meanwhile, merchandise trade exports fell to a nine-month low of $32.25 billion in July, while the April-July growth for goods exports fell 14.50 per cent year-on-year.

Imports for the same period fell by 13.79 per cent.

India’s merchandise imports stood at $52.92 billion in July 2023, down from $53.10 billion in June 2023. In June 2022, the merchandise imports figures stood higher at $63.77 billion.