India s exports contracted by 10.3 percent in July Drops for eighth consecutive months

India-s export contracted by 10.3% in July compared to same month last year to USD 23.13 billion which is a drop in export for eighth consecutive months. Total imports also dropped by 10.28% in July compared to same month last year to USD 35.94 billion due to steep drop in global crude oil prices. Trade deficit for the same month stood at USD 12.81 billion which was lower compared to trade deficit of USD 14.27 billion in July last year. Gold imports were increased by 62.22% to USD 2.96 billion in July 2015 from USD 1.82 billion in July last year.


For the April-July period of current financial year 2015-16, total exports dropped by 15.04% to USD 89.82 billion compared to USD 105.72 billion while total imports dropped by 12.01% to USD 134.86 billion compared to USD 153.27 billion in the same period.