Merchandise exports added up to $65.31 billion in the period April-June 2016-17, as against $66.69 billion in the same period of the 2015-16. Imports in the first quarter of the current year added up to $84.54 billion, down 14.53 per cent year-on-year. Gold imports fell by nearly 39 per cent to $1.20 billion in June. Exports have been falling since December 2014 because of weak global demand and slide in oil prices. Gold led the decline in imports with a 39 per cent fall, helping narrow the trade deficit in June to $8.11 billion against $10.82 billion in June 2015.

Source: The Telegraph July 15, 2016 14:48 UTC