India’s exports, both merchandise and services combined, fell by 6 percent in May 2023, totaling USD 60.29 billion. Official data showed that imports in May also declined by 7.45 percent to USD 70.64 billion compared to May 2022. India’s trade performance showed declining trends compared to last year’s high base. The pace of growth in global merchandise exports moderated significantly in 2023 due to persisting geopolitical tensions and monetary tightening-induced recessionary fears. This led to a decline in consumer spending across advanced nations, according to the Commerce ministry’s release. In April-May 2023, overall imports decreased by 9.63 percent from the same period in 2022, while overall exports dropped by 5.48 percent. Meanwhile, the trade deficit between April-May 2023 was estimated at USD 13.28 billion, a 35.41 percent decline from April-May 2022, indicating a positive trend.
India’s exports suffer a 6 percent decline in May due to global demand concerns.
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