Business Business. India’s merchandise exports declined 1.48 per cent to $33.98 billion in July due to subdued global demand and geopolitical challenges, according to data released by the Commerce Department. Inbound shipments to the country during the month grew 7.46 per cent to $57.48 billion, narrowing the trade deficit to $23.5 billion. “Our exports are growing. Overall, April-July exports are expected to grow by 6 per cent. Services exports are doing very well. Overall, there has been positive growth till July,” Commerce Secretary Sunil Barthwal told reporters.
During the first three months of the fiscal (April-June), outbound shipments from India witnessed a 5.8 per cent year-on-year growth to $109.9 billion. The World Trade Organisation’s (WTO) Global Trade Outlook and Statistics in April said it expects a gradual recovery in world merchandise trade volumes in 2024 and 2025, following a contraction in 2023 due to the lingering effects of higher energy prices and inflation in advanced economies, particularly Europe. “Specifically, we expect merchandise trade to grow by 2.6 per cent in 2024 and 3.3 per cent in 2025, following a decline of 1.2 per cent in 2023,” it said. The multilateral trade body warned that regional conflicts and geopolitical tensions could limit the extent of the trade rebound by further fuelling price spikes in food and energy.
