Key Takeaways
- India’s merchandise exports fell 15.88% year‑on‑year in July 2023.
- The merchandise trade deficit widened to US$ 20.67 billion, up from June’s $20.13 billion.
- Services exports increased to US$ 27.17 billion, boosting overall export figures.
- Overall imports reached US$ 67.77 billion, resulting in a total trade deficit of $8.35 billion.
New Delhi: Amid slowdown in global demand, India’s merchandise exports fell 15.88% year-on-year to US$ 32.25 billion in July 2023.
India had shipped goods worth US$ 38.34 billion in July 2022.
India’s merchandise imports stood at US$ 52.92 billion in July 2023, a drop of 17% compared to imports worth US$ 63.77 billion in July 2022.
The merchandise trade deficit in July 2023 widened to US$ 20.67 billion. India’s merchandise trade deficit in June this year was US$ 20.13 billion.
Data released by Commerce Ministry showed India’s services exports in July 2023 were US$ 27.17 billion as against US$24.26 billion in July 2022.
Services imports in July 2023 stood at US$ 14.85 billion.
India’s overall exports (merchandise and services) in July 2023 were US$ 59.43 billion as against US$ 62.59 billion in the same month last year. Overall imports during July this year were US$ 67.77 billion resulting in a trade deficit of US$ 8.35 billion.
