Trade Deficit: India's trade deficit decreased in July, imports also decreased by $ 10 billion
Import Export Data July 2023: India's trade deficit has come down to $20.67 billion in July. It was $25.43 billion in the same period last year. There has also been a decrease in imports and it has decreased by more than $ 10 billion to $ 52.92 billion as compared to the previous year. However, there has been a decrease in exports due to fewer orders received by exporters.
India's exports have seen a decrease in July and it has come down to $ 32.25 billion. Exports in July last year stood at $38.34 billion. The major reason behind the decline in India's exports is the slowing down of the global economy, due to which exporters are getting fewer orders from Europe and the US than last year.
The country's imports decreased in July 2023 along with exports. It has come down to $ 52.92 billion, which was earlier $ 63.77 billion.
India's trade deficit narrowed to $20.67 billion in July. It was $25.43 billion in the same period last year. India's trade deficit stood at $20.13 billion in June this year and $22.10 billion in May.
According to the data released by the government, exports declined by 14.5 percent to $ 136.22 billion in the first four months of this financial year i.e. April to July. The items exported by India are electronic goods, iron, drugs, petroleum, jewelry, and pharma products. The export of petroleum products decreased by 11.41 percent and the export of diamonds and jewelry by 3.68 percent on an annual basis.
Imports from April to July also decreased by 13.79 percent to $213.2 billion. Commerce Secretary Sunil Barthwal said that global volatility still persists. Due to this, there is a decline in the import and export of many countries.
Inflation remains a major problem in all the countries of the world. Due to this, interest rates are being increased in almost all countries, due to which the pace of the global economy is slowing down.
