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The commerce ministry in its latest data has showed that contracting for the second month in a row, India's Merchandise exports dipped by 6.58 per cent to $32.91 billion in January 2023 as against $ 35.23 billion in the same month last year due to slowdown in global demand, even as the trade deficit touched a 12-month low of $17.75 billion during the month. Imports in January 2023 too contracted by 3.63 per cent, the second consecutive month, to $50.66 billion.

As per the data, merchandise exports for the period April-January 2022-23 were $369.25 Billion as against $340.28 Billion during the period April-January 2021-22. Merchandise imports for the period April-January 2022-23 were $602.20 Billion as against $494.06 Billion during the period April-January 2021-22. The merchandise trade deficit for April-January 2022-23 was estimated at $232.95 Billion as against $153.79 Billion in April-January 2021-22.

The data further showed that non-petroleum and non-gems & jewellery exports in January 2023 were $25.35 Billion, compared to $27.41 Billion in January 2022. Non-petroleum and non-gems & jewellery exports during April-January 2022-23 was $259.06 Billion, as compared to $257.36 Billion in April-January 2021-22. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in January 2023 were $33.56 Billion, compared to $34.90 Billion in January 2022. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $364.29 Billion in April-January 2022-23 as compared to $301.76 Billion in April-January 2021-22.