New Delhi, July 14 (Agency) Amid slowdown in major advanced economies, India’s merchandise exports fell 22% year-on-year to US$ 32.97 billion in June, 2023. The data released by Commerce Ministry showed merchandise imports in June 2023 were USD 53.10 billion. The merchandise trade deficit in the month of June stood at US$ 20.13 billion. Commenting on June trade data, ICRA chief economist Aditi Nayar said, “The merchandise trade deficit in June 2023 exceeded our forecast with a sharp sequential uptick in gold imports, which offset half of the compression in the net oil deficit.”
The official data showed India’s overall exports (merchandise and services combined) in June 2023 were US$ 60.09 billion, exhibiting a negative growth of (-) 13.16% over June 2022. “Overall imports in June 2023 is estimated to be US$ 68.98 billion, exhibiting a negative growth of (-) 13.91 per cent over June 2022,” media release from Commerce Ministry said.