India's Exports Shrink Amid Rising Imports and Geopolitical Tensions

India's exports declined by 1.2% in July to USD 33.98 billion, while imports rose 7.45% to USD 57.48 billion, leading to a trade deficit of USD 23.5 billion. The decline in exports was attributed to low demand and falling prices. Geopolitical tensions further impacted the trade scenario.

India's exports saw a 1.2% reduction in July, falling to USD 33.98 billion. This contraction comes after a three-month positive trend.

Meanwhile, imports rose by 7.45% to reach USD 57.48 billion, driven significantly by crude oil, silver, and electronic goods. As a result, the trade deficit widened to USD 23.5 billion.

Commerce Secretary Sunil Barthwal noted that the dip in exports was due to decreased shipments of petroleum products, attributed to falling prices, low demand, and growing domestic consumption. He highlighted ongoing efforts to bolster exports to new markets like Africa and emphasized the potential of the e-commerce sector.

(With inputs from agencies.)