All's not well on goods trade front

Goods imports fell by 17% to $52.9 billion. This is the seventh consecutive month in which goods imports have fallen.

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In July, goods exports fell by around 16% to $32.3 billion. This is the sixth consecutive month in which goods exports have fallen. Along similar lines, goods imports fell by 17% to $52.9 billion. This is the seventh consecutive month in which goods imports have fallen.

A major reason for this fall is a drop in the price of crude oil. In July 2022, the price of the Indian basket of crude oil had averaged $105.5 per barrel.

This year, the price averaged around 24% lower at $80.4 per barrel in July.

India imports a bulk of the crude oil that it consumes.