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The commerce ministry in its latest data has showed that India’s merchandise exports declined for the fourth-consecutive month by 10.3 per cent year-on-year to $34.98 billion in May 2023 as compared to $39.00 billion in May 2022. Imports also declined 6.6 per cent to $57.1 billion in May 2023 against $61.13 billion recorded in the same month last year. The trade deficit widened to a five-month high of $22.12 billion. 

According to the data, merchandise exports for the period April-May 2023 were $69.72 billion as against $78.70 billion during April-May 2022. Merchandise imports for the period April-May 2023 were $106.99 billion as against $119.18 billion during April-May 2022. The merchandise trade deficit for April-May 2023 was estimated at $37.26 billion as against $40.48 billion during April-May 2022. 

It further showed that non-petroleum and non-gems & jewellery exports in May 2023 were $26.22 billion, compared to $27.30 billion in May 2022. Non-petroleum and non-gems & jewellery exports during April-May 2023 was $52.04 billion, as compared to $55.67 billion in April-May 2022. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in May 2023 were $35.88 billion, compared to $35.29 billion in May 2022. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $67.36 billion in April-May 2023 as compared to $71.29 billion in April-May 2022.