India Trade March 2023

India: Merchandise exports slide at a more pronounced rate in March

Merchandise exports plummeted 13.9% year-on-year in March, on the heels of February’s 8.8% decrease. March’s result marked the largest decline since May 2020. Meanwhile, merchandise imports declined 7.9% on an annual basis in March (February: -8.2% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 19.7 billion shortfall in March (February 2023: USD 17.4 billion deficit; March 2022: USD 18.5 billion deficit). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 283.7 billion deficit in March, compared to the USD 282.5 billion deficit in February.

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