India’s exports weaken; trade deficit shrunk on larger import fall in June
In contrast to the strong growth observed in the previous year, India’s trade performance is now showing a downward trend.
- In June, merchandise exports amounted to US$ 32.97 billion, while imports totalled US$ 53.10 billion.
- The trade deficit came down to US$ 20.13 billion from US$ 22.12 billion in May.
- India’s overall exports in June 2023 are estimated to be US$ 60.09 billion, reflecting a negative growth rate of (-) 13.16% compared to June 2022.
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June continued the trend of weakness in India’s external trade, with both goods and services sectors experiencing pressure. While the goods trade deficit dropped sequentially, it remained above $20 billion in June. On the services side, the trade surplus narrowed to $11.2 billion, marking the lowest level in 2023 according to government estimates.