Exports slip 7% in July; gold imports halve

AFTER rising for the first time in 18 months in June, exports shrank again in July, contracting 6.84% due to decline in shipments of engineering goods and petroleum products, reports PTI. Gold imports more than halved to $1.08 billion. Merchandise exports totalled $21.69 billion in July against $23.28 billion a year earlier. Declining exports as well as in imports narrowed the trade deficit in July to $7.76 billion versus $13.09 billion in the year-ago period.