According to the data provided by the Department of Commerce & Industry, the value of goods exported from India fell to a nine-month low at _________ in July, witnessing a 15.9 percent contraction as external demand continued to remain sluggish due to factors including a slowdown and high inflation in developed economies.

Solution

According to the data provided by the Department of Commerce & Industry, the value of goods exported from India fell to a nine-month low at $32.25 billion in July, witnessing a 15.9 per cent contraction as external demand continued to remain sluggish due to factors including a slowdown and high inflation in developed economies. Imports also contracted by 17 per cent to $52.92 billion in July. The trade deficit narrowed to $20.67 billion in July from $25.45 billion a year ago but widened from $18.76 billion in June.    On the brighter side, services exports witnessed 12 per cent growth at $27.17 billion in July. Services imports grew at a relatively slower pace, at 5.6 per cent, reaching $14.85 billion, resulting in a surplus of $12.32 billion.