Shocking for Indian Trade which deficit hit its highest at $31 billion in July

In June the Trade Deficit was $26.18 billion

It was $10 billion in the same period last year.   

Impact of Export fallen on some Petroleum such 

Engineering goods Deficit by 2.5 percent

Non-oil exports such as gems and Jewellery by 5.2 percent

Drugs and pharmaceuticals by 1.4 percent

Handloom products deficit by 28.3 Percent

Decreasing Global Demand is the factor for increasing the Trade Deficit

Now the Indian Trade deficit to widen from to present $115 billion for FY23

Recession in the US, Europe, UK, Japan, South Korea, Australia, and Canada are leading growth slowdown