India’s exports dipped for the first time since February 2021 as some of the checks imposed by the government to increase domestic supply took a toll on shipments out of the country. This pushed up trade deficit to a new record of $31 billion in July. Preliminary data released by the commerce department on Tuesday showed that exports fell 0. 8% to $35. 2 billion, while imports soared 43% to $66. 3 billion. The trade deficit in July eclipsed the earlier high of $26. 2 billion, reported in the previous month. The growth in imports was high despite a 43% fall in gold imports as high energy prices pushed up petroleum (70% to $21 billion) and coal (165% to $5. 2 billion) shipments. In contrast, the windfall tax and other moves related to the petroleum sector are seen to have resulted in a 7% contraction in export of oil products to $5. 4 billion even as the anti-inflationary measures in developed countries, which slowed down or are slipping into recession, took a toll on several other sectors. So, gems and jewellery (5% decline to $5. 3 billion), engineering goods (2. 5% to $9. 3 billion), and textiles were among sectors that saw a fall in exports.