India Trade July 2023

India: Merchandise exports fall in July

Merchandise exports sank 16.0% on an annual basis in July (June: -22.0% year-on-year). Meanwhile, merchandise imports plunged 17.0% in annual terms in July (June: -17.5% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 20.7 billion deficit in July (June 2023: USD 20.1 billion deficit; July 2022: USD 25.4 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 263.7 billion deficit in July, compared to the USD 268.4 billion deficit in June.

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