India's goods exports dipped 15.9% in July 2023 to $32.25 billion, from $38.81 billion in June 2023, according to the data released by the Commerce Ministry on August 14, 2023. This is the first decline in exports in 17 months.
The decline in exports was mainly due to slowing demand in major markets like the United States and the European Union. Imports also fell in July, by 17% to $52.9 billion, from $63.95 billion in June. This led to a trade deficit of $20.67 billion in July, the highest in the current fiscal year.
The Commerce Ministry said that the decline in exports was due to a number of factors, including:
- Slowing demand in major markets like the United States and the European Union.
- Rising freight costs.
- Fluctuations in the value of the rupee.
- Geopolitical tensions.
The ministry said that it is taking steps to boost exports, such as:
- Promoting new markets.
- Providing incentives to exporters.
- Addressing the issue of rising freight costs.
The government is also working to improve the ease of doing business in India, which is expected to boost exports in the coming months.
The decline in exports is a setback for the Indian economy, which is already facing a number of challenges, such as rising inflation and a slowdown in growth. The government will need to take steps to address the decline in exports, and to boost economic growth in the coming months.
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