India’s Imports, Exports Drop In July

India's exports and imports declined for the second consecutive month in July due to the global economic slowdown and a fall in the prices of oil.

Exports fell 14.8 percent to $22.4 billion while imports declined 7.61 percent to $37.9 billion on a year-on-year basis, according to the data released by the Ministry of Commerce Tuesday.

The Balance of Trade in July widened to $15.5 billion, compared to $14.8 billion in the same month last year.

During the April-July period, exports dipped 5.06 percent to $97.6 billion from $102.8 billion in the same period last year. Imports fell 6.47 percent to $153.2 billion from $163.84 billion in the same period last year.

The trade deficit in the April-July period widened to $55.6 billion, compared to the $46.23 billion deficit in the same period last year.