India's July trade deficit widens to record $31 bn; exports dip marginally

Gold imports declined 43.6% to $2.4 bn after the Centre raised import duty on gold last month to discourage buyers in the world's second-largest consumer

India’s trade deficit widened to a record $31 billion in July with a sequential decline in exports and somewhat flat imports owing to growing recessionary trends in developed economies and elevated commodity prices. The data released by the commerce ministry on Tuesday showed merchandise exports declined to a five-month low at $35.2 billion in July while imports eased sequentially to $66 billion.
 

There was a contraction in seven of the top 10 export items. They are engineering goods (2.5 per cent), petroleum products (7.1 per cent), gems and jewellery (5.2 per cent), pharmaceuticals (1.4 per cent), readymade garments (0.6 per