July trade deficit widens to $23.51 bn

Merchandise exports fell 1.5% in July to $33.98 bn even as imports rose by 7.5% to $57.48 bn

- MONIKA YADAV

AMID global slowdown, India's trade deficit expanded in July, primarily due to sluggish exports, according to government data released on Wednesday.

The merchandise trade deficit for the month stood at $23.5 billion as compared to $20.98 billion in June.

In July, India's merchandise exports reached $33.98 billion, whereas imports totaled $57.48 billion, as per the data.

Meanwhile, in the month of June, merchandise exports stood at $35.20 billion, while imports were recorded at $56.18 billion.

The drop in merchandise exports was lead by a 22% drop in exports of petroleum products.