India’s July Trade Deficit in Goods at $4.83 Billion, Says Trade Ministry

India posted a trade deficit of $4.83 billion in goods in July, after reporting its first trade surplus in over 18 years in the previous month, data released by the government showed on Friday.

Merchandise imports contracted 28.40% in July to $28.47 billion from a year ago while exports fell 10.21% to $23.64 billion, data released by the Ministry of Commerce and Industry on Wednesday showed.

Total merchandise imports fell by more than 46% to $88.91 billion during April-July while exports were down 30.21% from the year-ago period to $74.96 billion, the data showed.