New Delhi: India’s overall exports estimated to be USD 60.09 billion in June 2023, show a negative growth of -13.16% over June 2022, figures released today by the Ministry of Commerce and Industry have revealed. The overall imports in June 2023, which stood at USD 68.98 billion, also exhibited a negative growth of (-) 13.91 per cent over June 2022.
India’s overall exports (Merchandise and Services combined) in April-June 2023 are estimated to exhibit a negative growth of (-) 7.29 per cent over April-June 2022. Overall imports in April-June 2023 are estimated to exhibit a negative growth of (-) 10.18 per cent over April-June 2022.
India’s trade performance, after witnessing very high growth in 2022-23 too showed declining trends as compared to the high base of last year. The Government attributed it to a global slowdown.
India’s trade deficit, though, showed a considerable decline in April-June 2023. The overall trade deficit for April-June 2023 is estimated at USD 22.59 billion as compared to the deficit of USD 31.49 billion during April-June 2022, registering a decline of (-) 28.27 per cent.
Trade during June 2023*
| June 2023
(USD Billion) |
June 2022
(USD Billion) |
||
| Merchandise | Exports | 32.97 | 42.28 |
| Imports | 53.10 | 64.35 | |
| Services* | Exports | 27.12 | 26.92 |
| Imports | 15.88 | 15.77 | |
| Overall Trade
(Merchandise +Services) * |
Exports | 60.09 | 69.20 |
| Imports | 68.98 | 80.12 | |
| Trade Balance | -8.89 | -10.92 |
* The latest data for the services sector released by RBI is for May 2023. The data for June 2023 is an estimation.
While services exports were projected to continue to grow positively at 5.17 per cent during April-June 2023 over April-June 2022, textiles exports continued to decline in June 2023 and the government said this was because of subdued demand due to recessionary effects in major economies.
The merchandise trade deficit during April-June 2023 was USD 57.60 billion compared to USD 62.55 billion during April-June 2022, registering a decline of (-) 7.92 per cent.
Under merchandise imports, 21 out of 30 key sectors exhibited negative growth in June 2023. These include Silver (-94.36%), Coal, Coke & Briquettes, Etc. (-47.61%), Sulphur and Unroasted Iron Pyrites (-35.64%), Petroleum, Crude and Products (-33.77%), Textile Yarn Fabric, Made-Up Articles (-33.72%), Organic & Inorganic Chemicals (-30.53%), Wood & Wood Products (-28.83%), Vegetable Oil (-28.18%), Artificial Resins, Plastic Materials (-25.99%), Dyeing/Tanning/Colouring Materials (-25.55%), Pearls, Precious and Semi-Precious Stones (-24.46%), Cotton Raw & Waste (-24.27%), Fruits & Vegetables (-18.04%), Metalliferous Ores and Other Minerals (-16.99%), Fertilisers, Crude and Manufactured (-8.6%), Medicinal and Pharmaceutical Products (-5.41%), Machine Tools (-5.36%), Pulp and Waste Paper (-4.3%), Non-Ferrous Metals (-3.51%), Machinery, Electrical and Non-Electrical (-2.19%) and Transport Equipment (-1.57%).
– global bihari bureau
