India’s overall exports in May 2023 stands at US$ 60.29 Billion

India’s overall exports (Merchandise and Services combined) in May 2023 are estimated to be USD 60.29 Billion, exhibiting a negative growth of (-) 5.99% over May 2022. Overall imports in May 2023 are estimated to be USD 70.64 Billion, exhibiting a negative growth of (-) 7.45% over May 2022.

MERCHANDISE TRADE

Merchandise exports in May 2023 were USD 34.98 Billion, as compared to USD 39.00 Billion in May 2022. Merchandise imports in May 2023 were USD 57.10 Billion, as compared to USD 61.13 Billion in May 2022.

Merchandise exports for the period April-May 2023 were USD 69.72 Billion as against USD 78.70 Billion during April-May 2022.

Merchandise imports for the period April-May 2023 were USD 106.99 Billion as against USD 119.18 Billion during April-May 2022.

The merchandise trade deficit for April-May 2023 was estimated at USD 37.26 Billion as against USD 40.48 Billion during April-May 2022.

SERVICES TRADE

The estimated value of services export for May 2023* is USD 25.30 Billion, as compared to USD 25.13 Billion in May 2022.

The estimated value of services import for May 2023* is USD 13.53 Billion as compared to USD 15.20 Billion in May 2022.

Meanwhile, 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.

Source: Media reports