The commerce ministry in its latest data has said that India’s merchandise exports contracted by 15.88 per cent, the sixth month in a row, to $32.25 billion in July 2023 as compared to $38.34 billion in July 2022 due to a global slowdown and fall in shipments of key sectors like petroleum, gems and jewellery. Imports during the month also declined by 17 per cent, the eighth month in a row, to $52.92 billion from $63.77 billion in July 2022. This led to a narrowing of the trade deficit to $20.67 billion in July 2023 against $25.43 billion in July 2022.
As per the data, merchandise exports for the period April-July 2023 were $136.22 billion as against $159.32 billion during April-July 2022. Merchandise imports for the period April-July 2023 were $213.20 billion as against $247.31 billion during April-July 2022. The merchandise trade deficit for April-July 2023 was estimated at $76.98 billion as against $87.99 billion during April-July 2022.
Data further showed that non-petroleum and non-gems & jewellery exports in July 2023 were $25.35 billion, compared to $26.89 billion in July 2022. Non-petroleum and non-gems & jewellery exports during April-July 2023 was $102.71 billion, as compared to $110.72 billion in April-July 2022. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in July 2023 were $35.65 billion, compared to $38.55 billion in July 2022. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $136.49 billion in April-July 2023 as compared to $148.77 billion in April-July 2022.
