India's exports decline 6 pc in May, recession fears hurt global demand

New Delhi [India], June 15 : India's overall exports, both merchandise and services combined, in May 2023 are estimated to be USD 60.29 billion, registering a decline of about 6 per cent from May 2022, official data revealed on Thursday.

Overall imports in May 2023 are estimated to be USD 70.64 Billion, down 7.45 per cent from May 2022.

India's overall exports in April-May 2023, the first two months of fiscal 2023-24, are estimated to have declined 5.48 per cent over April-May 2022.

Overall imports in April-May 2023 are estimated to have declined 9.63 per cent from April-May 2022.

"India's trade performance, after witnessing very strong growth in 2022-23 has shown declining trends as compared to the high base of last year as the pace of growth in global merchandise exports moderated significantly in 2023, as persisting geopolitical tensions and monetary tightening induced recessionary fears have led to a decline in consumer spending across advanced nations," said the Commerce ministry in a release.

India's overall exports in the just concluded financial year 2022-2023 were worth USD 775.87 billion, a growth of over 14 per cent and almost USD 100 billion more than last year's figures. In 2021-22, the overall exports were at USD 676.53 billion.

Meanwhile, India's trade deficit has shown a considerable decline in April-May 2023.

The overall trade deficit for April-May 2023 is estimated at USD 13.28 billion compared to the deficit of USD 20.56 billion during April-May 2022, registering a decline of 35.41 per cent.

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