Trade snapshot: July 2015

With global demand not showing any signs of a pickup, India's merchandise exports contracted for the eighth month running in July, registering a 10.3% drop over last year.
The trade deficit widened to $12.8 billion in July from $10.8 billion in June, data released by the ministry of commerce and industry showed. Imports fell 10.3% to $35.95 billion while exports came in at $23.1 billion.
In the April-July period, exports fell 15% over last year.India's exports were hurt because of a stronger currency, a problem that could worsen after the yuan devaluation.
Oil imports were 35% lower in July over last year while non-oil imports were higher by 3.8%, suggesting improving domestic demand.
Part of the rise in non-oil imports could be due to higher gold imports because of the fall in prices.

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