India Trade June 2023

India: Merchandise exports decline in June

Merchandise exports plummeted 22.0% annually in June, on the heels of May’s 10.3% dive. June’s result marked the sharpest decline since May 2020. Meanwhile, merchandise imports plunged 17.5% over the same month last year in June (May: -6.6% yoy), marking the weakest reading since September 2020.

As a result, the merchandise trade balance improved from the previous month, recording a USD 20.1 billion shortfall in June (May 2023: USD 22.1 billion deficit; June 2022: USD 22.1 billion deficit). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 268.6 billion deficit in June, compared to the USD 270.6 billion deficit in May.

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