India’s trade deficit in July came in at $18.02 billion, compared to $16.60 billion in June. A fall in imports led the deficit to a four-year low.

A fall in imports to $43.79 billion in July from $44.30 billion in June was offset by a contraction in exports to $25.77 billion in July from $27.70 billion in June.

Among imports, oil stood at $12.35 billion while non-oil imports were valued at $31.44 billion. Gold imports in July improved to $2.96 billion.

Weakness in exports of petroleum, drugs and pharma, engineering goods and gems and jewellery products weighed on the trade balance.