Due to the slowdown in the global economy, India’s total exports fell by 13% to $60.09 billion: India’s total exports, including both goods and services, are estimated to be USD 60.09 billion in June 2023, showing a decline of about 13% from June 2022.
Exports in June 2022 were USD 69.20 billion. Total imports are estimated to be US$ 68.98 billion in June 2023, a decline of about 14% from the 2022 figure of US$ 80.12 billion.
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However, the trade balance, i.e., the difference between exports and imports, narrowed to US$ 8.89 billion from US$ 10.92 billion in June. In April-June 2023 quarter, India’s overall exports (merchandise and services combined) are estimated to exhibit a 7.29% decline over April-June 2022 at USD 182.70 billion.
Total imports are estimated to decline by 10.18% to USD 205.29 billion in April-June 2023 as compared to April-June 2022. In April-June 2023-24, the trade deficit also narrowed to USD 22.59 billion from USD 31.49 billion. The commerce ministry said the global economy will slow down substantially to 2.1% in 2023 after growing at 3.1% in 2022.