Goods exports, imports fall over 20% as demand cools

Trade deficit shrinks to $20.13 billion in June against $22.07 billion a year earlier

- Ravi Dutta

Declining demand and prices worldwide dragged down India’s exports and imports by more than 20% each in June, trade data released on Friday showed.

Merchandise exports fell for the fifth consecutive month, registering a steep 22% decline to $32.97 billion from $42.28 billion a year earlier.

The value of petroleum product exports plunged nearly 50% during the period, as prices of refined crude products fell.

Global commodity prices continued to ease during the month, and exports of petroleum products, gems and jewellery and engineering goods, among others, showed no sign of picking up.

Imports fell as well, declining over 21% to $53.1 billion from $64.35 billion in June 2022.

Trade balance, or the difference between imports and exports, also narrowed to $20.13 billion in June against $22.07 billion last year, data released by the commerce ministry showed on Friday.