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Amid a dip in the country's exports, Commerce and Industry Minister Piyush Goyal has said that the developed economies are under stress, and there is a demand slowdown in the world market. India’s merchandise exports contracted by 22 per cent, the steepest decline in the last three years, to $32.97 billion in June 2023 as compared to $42.28 billion in June 2022 on account of global demand slowdown, especially in the Western markets like the US and Europe.

The minister said ‘over the last two years, we have had record exports. Unfortunately, the world seems to be moving towards a recession. Developed economies of Europe and America are under stress, very often overstocked, seen softening of commodities and commodity pricing and demand. Similarly, discretionary spending is very lukewarm.’ He said that gems and jewellery, textiles, and leather goods, which are India's strength areas are currently under stress. He said ‘in this situation, it is incumbent on all of us to work as a team and make the India story, the compulsive story of the world. The world today wants to deal with India.’ 

He further said ‘India is opening its trade doors wider and we want to have greater international trade. He said India wants to be a part of the international global supply and value chains and India wants to open the doors of other markets for products where it has significant skills, capabilities and competitive edge. Therefore, he said ‘a focus on free trade agreements or comprehensive economic partnerships with developed economies has been a core of the commerce (ministry's) agenda that we have’.