India’s exports of goods dropped 22% to $32.97 billion in June 2023 from $42.28 billion in June 2022.

Based on export and import figures given by the government on Friday, Reuters calculated that India’s merchandise trade imbalance for June was $20.13 billion.
In June, merchandise imports totaled $53.10 billion and exports were $32.97 billion. Exports of goods totaled $34.98 billion in the preceding month, while imports came at $57.10 billion.

Trade Secretary Sunil Barthwal told reporters that a number of factors, including a recession in the world’s major economies, contributed to India’s continued weakness in exports.

Exports of services totaled $27.12 billion in June, compared to imports of $15.88 billion. Exports of services totaled $25.30 billion while imports came in at $13.53 billion in May.

Exports of goods and services decreased by 7.3% from April to June of this year to $182.7 billion, while imports decreased by 10.2% to $205.29 billion.