New Delhi, June 15 (Agency) Amid slowdown in major advanced economies, India’s merchandise or goods exports continued to decline in May this year with shipments falling 10.30% year-on-year to US$ 34.98 billion. The official data released on Thursday showed India’s goods imports were valued at US$ 57.10 billion in May this year.
The merchandise trade deficit stood at US$ 22.12 billion, widening to a five-month high. India’s merchandise exports had slumped 12.69% year-on-year to US$ 34.66 billion in April, 2023 as key items such as engineering goods and ready-made garments recorded decline. As per the latest data, India’s total exports (merchandise and services) were US$ 60.29 billion in May, 2023 as against US$ 64.13 billion in May, 2022.