Reacting to monthly Trade Data for July 2022, FIEO President, Dr. A Sakthivel said that exports of $35.24 bn with just a marginal decline of 0.76 percent, indicates the strong resilience of the exports sector despite measures to control inflation and the continued disruptions of supply chains due to Covid and Russia-Ukraine conflict. Signs of a likely slowdown in exports can been seen as global inventories are pretty high and the merchandise exports is facing the triple whammy: i) there is again a shift in consumption from goods to the services with opening up of economies after Covid-19 pandemic; ii) the inflation affecting all economies reducing the purchasing power and iii) many economies entering the recession while some advanced ones already in recession. The reduction in voyage time, with normalization of Covid disruptions, have also added to the inventory hike as goods which used to reach the West Coast of US in 150 days now reach in 60 days. The export figures have also been affected as the prices of most of the metal and commodities are falling, which has resulted in value-wise export realization. However merchandise exports during April -July 2022-23 was $156.41 bn with an increase of 19.35 percent over $131.06 bn in April -July 2021-22 continue to showcase the strength of the exports sector amidst challenging ongoing geo-political and rising global uncertainties.