India Trade May 2023

India: Merchandise exports slide at a milder rate in May

Merchandise exports plummeted 10.3% in annual terms in May, on the heels of April’s 12.7% plunge. Meanwhile, merchandise imports contracted 6.6% on an annual basis in May (April: -14.1% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 22.1 billion shortfall in May (April 2023: USD 15.2 billion deficit; May 2022: USD 22.1 billion deficit). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 270.7 billion deficit in May, compared to the USD 270.7 billion deficit in April.

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