Indian Merchandise Exports Plunge 22% In June
Merchandise exports from India plunged 22 percent from a year ago month to $32.97 billion in June 2023, due to weakening global demand and inflationary trends in developed countries.
Indian merchandise imports also fell 17.5 percent year on year to $53.10 billion in the previous month.
Trade deficit however narrowed in the earlier month to $20.13 billion when compared to $22.07 billion in June 2022, data released by the Ministry of Commerce and Industry revealed.
In the first quarter of fiscal 2023-24 ending June 2023, exports dropped 15.13 percent year on year to $102.68 billion, while imports also decreased 12.67 percent to $160.28 billion.
Trade deficit in the first quarter also narrowed to $57.6 billion from $62.6 billion in the same period last year.
“Trade growth has been impacted due to a slowdown in big economies like the US and Europe and tightening of monetary policies by developing countries,” Commerce Secretary Sunil Barthwal said.
“There are also inflationary pressures in these countries due to the lingering impact of supply chain disruptions, as well as conflict between Russia and Ukraine,” he added.