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The commerce ministry in its latest data has showed that India’s merchandise exports contracted by 12.7 per cent, third month in a row, to $34.66 billion in April 2023 as compared to $39.70 Billion in April 2022. The decline in exports is mainly on account of poor demand in India's key destinations -- the Europe and the US -- and it may take some more months for the situation to improve. 

According to the data, Imports too declined by about 14 per cent, fifth month in a row, to $49.9 billion as against $58.06 billion recorded in the same month last year. However, trade deficit reduced to a 20-month low of $15.24 billion in April 2023 as against $18.36 billion in April last year. 

It further showed that non-petroleum and non-gems & jewellery exports in April 2023 were $25.76 billion, compared to $28.37 billion in April 2022. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April 2023 were $31.49 billion, compared to $36.00 billion in April 2022.