In July, India’s merchandise exports dropped by 16% to $32.25 billion, a nine-month low due to weakened demand from major trading partners like China, the EU, and the US. Merchandise imports also decreased by 17% to $52.92 billion, driven by declines in petroleum, coal, organic chemicals, silver, and more. This led to a trade deficit expansion of $20.67 billion. While global slowdown affects trade, India’s export decline is comparatively modest, with electronic goods like smartphones showing growth. Despite the fall in imports from China, imports from Russia nearly doubled during the period.