India's annual exports fell 14.8 per cent to $22.4 billion in July, while imports fell 7.6 per cent to $37.9 billion, leaving a trade deficit of $15.5 billion, the trade ministry said in a statement on Monday.
After strong growth for much of last year, India's overseas sales have slumped, with officials blaming weak demand in the major export destinations such as the US and Europe. Paltry exports have added to India's economic gloom, with growth close to its weakest levels in three years.
Exports have fallen from year-earlier levels in four out of the last five months. Exports between April and July fell 5.1 per cent on year to $97.7 billion, the statement added.
Oil imports were down 5.5 percent to $12.2 billion in July.
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