New Delhi [India], July 15 (ANI): India’s total exports, including both goods and services, are estimated to be USD 60.09 billion in June 2023, registering a decline of nearly 13 per cent from June 2022, official commerce ministry data said on Friday. came to the fore. Exports in June 2022 were USD 69.20 billion.
Total imports are estimated to be US$ 68.98 billion in June 2023, a decline of about 14 per cent from the 2022 figure of US$ 80.12 billion.
However, the trade balance, ie the difference between exports and imports, narrowed to US$ 8.89 billion from US$ 10.92 billion in June.
India’s total exports (merchandise and services combined) in the April-June 2023 quarter are estimated to decline by 7.29 per cent over April-June 2022 at US$ 182.70 billion.
Total imports are estimated to decline by 10.18 per cent to USD 205.29 billion in April-June 2023 as compared to April-June 2022.
The trade deficit also narrowed to USD 22.59 billion from USD 31.49 billion in April-June 2023-24 period, the data showed.
Commerce Ministry said that after witnessing higher growth in 2022-23, India’s trade performance has seen a decline compared to last year’s high base in the backdrop of global slowdown.
“Post-Covid there was a lot of inventory build up globally in the calendar year 2022, leading to higher business growth. It will take some time to reduce the inventory (which is already being built up). Now orders are starting to come in from July, it would be good for us to have that. (However) the trade sector is completely in the hands of global factors,” said Commerce Secretary Sunil Barthwal.
Citing World Bank’s Global Economic Prospects Report (June 2023), the commerce ministry said the global economy will slow down significantly to 2.1 per cent in 2023 after growing at 3.1 per cent last year.
India’s total exports stood at USD 775.87 billion in March ending the financial year 2022-2023, a growth of over 14 per cent and nearly USD 100 billion more than the previous year’s figures.
In 2022-23, India’s merchandise and services exports to grow by 6.74 per cent and 27.86 per cent to USD 450.43 billion and USD 325.44 billion, respectively.
Various steps taken by the government include production-linked incentives in various sectors, including electronic goods, to make Indian manufacturers globally competitive, attract investments, increase exports, integrate India into the global supply chain and reduce import dependence. PLI) Scheme. , It appears to have benefited from them. (ANI)
This report is automatically generated from ANI news service. ThePrint takes no responsibility for its content.