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The commerce ministry in its latest data has showed that India’s merchandise exports contracted by 22 per cent, the steepest decline in the last three years, to $32.97 billion in June 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. Imports during the month under review declined by a steep 17.48 per cent to $53.10 billion as against $64.35 billion in June 2022.  The trade deficit in June stood at $20.3 billion against $ 22.07 billion in the same month last year due to a fall in exports and imports.

According to the data, merchandise exports for the period April-June 2023 were $102.68 billion as against $120.98 billion during April-June 2022. Merchandise imports for the period April-June 2023 were $160.28 Billion as against $183.54 Billion during April-June 2022. The merchandise trade deficit for April-June 2023 was estimated at $57.60 billion as against $62.55 billion during April-June 2022.

It further showed that non-petroleum and non-gems & jewellery exports in June 2023 were $25.13 billion, compared to $28.15 billion in June 2022. Non-petroleum and non-gems & jewellery exports during April-June 2023 were $77.18 billion, as compared to $83.82 billion in April-June 2022. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in June 2023 were $33.28 billion, compared to $38.93 billion in June 2022. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $100.84 billion in April-June 2023 as compared to $110.22 billion in April-June 2022.