India’s overall exports decline 5 pc in July; global slowdown hurts trade
Aug 14, 2023
New Delhi [India], August 14 : India’s overall exports, both merchandise and services combined, are estimated to be worth USD 59.43 billion in July 2023, exhibiting a degrowth of 5.06 per cent over July 2022, Ministry of Commerce and Industry said on Monday.
Overall imports in July 2023 are estimated to be USD 67.77 billion, exhibiting a degrowth of 12.92 per cent over July 2022.
In July, however, the trade balance, meaning the difference between exports and imports, narrowed from USD 15.24 billion to USD 8.35 billion.
So far in 2023-24 (April-July), India’s overall exports is estimated to exhibit a negative growth of 5.98 per cent over April-July 2022. Overall imports in April-July 2023 are estimated to exhibit a negative growth of 11.09 per cent over April-July 2022, the ministry said.
The trade deficit in April-July 2023-24 period too narrowed from USD 46.72 billion to USD 28.26 billion, data showed.
“India’s trade performance, after witnessing very high growth in 2022-23 has continued to show declining trends in July as compared to the high base of last year in the backdrop of global slowdown,” it said.
After witnessing high growth in 2022-23, India's trade performance has shown declining trends compared to the high base of last year in the backdrop of global slowdown, the commerce ministry had earlier said.
India's overall exports in March ended the financial year 2022-2023 were worth USD 775.87 billion, a growth of over 14 per cent and almost USD 100 billion more than last year's figures.
In 2022-23, India's merchandise and services exports rose 6.74 per cent and 27.86 per cent to USD 450.43 billion and USD 325.44 billion, respectively.
Among various steps the government took was to launch a Production Linked Incentive (PLI) scheme in varied sectors, including electronic goods, to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports. These seemed to have reaped dividends.
