India's annual exports and imports declined for the third consecutive month in July owing to the weak demand from the U.S. and European countries due to the global economic slowdown. fell sharply 14.8 percent to $22.4 billion while imports declined 7.6 percent to $37.9 billion on a year-on-year basis, according to the data released by the Ministry of Commerce.

In the April-July period of the current fiscal year, exports dipped 5.06 percent to $97.65 billion from $102.85 billion in the same period last year while imports fell 6.47 percent to $153.2 billion from $163.80 billion in the same quarter last year.

The trade deficit for July stood at $15.5 billion, up from 147.2 billion a year ago. The cumulative trade deficit for the April-July period narrowed to $55.55 billion, compared to the $60.96 billion deficit in the same period last year. 

Oil imports in July stood at $12229.1 million, down 5.52 percent compared to $12943.0 million in the corresponding period last year.  Non-oil imports in July declined 8.57 percent to $25707.1 million, compared to the non-oil imports of $ 28116.7 million in the same month last year.

Oil imports for the April-July period stood at $53814.1 million and non-oil imports for the same period last year was at $99381.5 million.