India’s trade deficit grew to $23.5 billion in July as exports declined 1.4% to $34 billion, mainly due to a drop in petrol, diesel, and gems exports. Imports increased 7.5% to $57.5 billion, with crude oil imports rising 17% to $13.9 billion. Commerce Secretary Sunil Barthwal cited domestic oil demand and global crude prices as factors.
Goods exports decline for 1st time in 4 months
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