In June, India’s exports fell 13% to $60.09 billion.
In June, India’s exports fell 13% to $60.09 billion.
When compared to the same month last year, when merchandise exports were $42.28 billion, they fell by 22% to $32.97 billion in June. However, compared to the same period previous year, services exports slightly increased by 0.7% to $27.12 billion from $26.92 billion.
According to the most recent data from the Ministry of Commerce & Industry, the nation’s overall exports fell by 13.1% to $60.09 billion in June this year from $69.20 billion in the same month previous year. Of this, shipments of goods fell by 22% to $32.97 billion from $42.28 billion in the same period the previous year. However, compared to the same period previous year, services exports slightly increased by 0.7% to $27.12 billion from $26.92 billion.
The country’s exports from April through June were $182.7 billion, a 7.3% decrease from the $182.7 billion exported during the same time last year. Out of this, the nation’s exports of goods fell by 15.1% to $102.6 billion while its exports of services increased by 5.17% to $76.09 billion.
In terms of merchandise exports for the month of June 2023, 9 of the 30 major sectors showed growth relative to the same month in the previous year (June 2022). These include fruits and vegetables (14.1%), electronic goods (45.36%), cashews (19.6%), tobacco (17.8%), iron ore (1664.3%), electronic goods (45.36%), oil seeds (33.33%), electronic goods (5.14%), medications & pharmaceuticals (5.13%), handicrafts (excluding hand-made carpet), and coffee (7.1%), according to the government.
Domestic imports as a whole totaled $68.98 billion, a 13.9% decrease from the $80.12 billion imported during the same time last year. Out of this, merchandise imports decreased by 17.5% in June to $53.10 billion from $64.35 billion during the same time in 2017. Imports of services totaled $15.88 billion, up just 0.7% from $15.77 billion during the same time last year.
Domestic imports from April to June totaled $205.29 billion, a 10.1% decrease from the $205.29 billion imported during the same time last year. Of this, the nation’s imports of goods fell by 12.67% to $160.28 billion from $183.54 billion in the same time the previous year. Imports of services totaled $45.01 billion, compared to $45.02 billion during the same time last year. The merchandise trade deficit in Q1 of FY24 was $57.60 billion compared to $62.55 billion in the same quarter last year.
Notably, non-petroleum, non-gem, and non-jewelry exports in June totaled $25.13 billion, down 10.72% from $28.15 billion in the same time last year. Non-petroleum, non-gem, and non-jewelry imports totaled $33.28 billion compared to $38.93 billion during the same time last year. The country’s non-petroleum, non-gem, and non-jewelry exports from April through June were $77.18 billion, down from $83.82 billion during the same time last year. Between April and June, non-petroleum, non-gem, and non-jewelry imports totaled $100.84 billion, down from $110.22 billion during the same time last year.
“June 2023 had a 45.36% growth in electronic goods exports, reaching $2.43 billion from $1.67 billion in June 2022. According to the ministry, exports of electronic items increased by 47.05 percent from April to June 2022 to April to June 2023, reaching $6.96 billion.
