India: Merchandise exports decline in June
Merchandise exports plummeted 22.0% annually in June, on the heels of May’s 10.3% dive. June’s result marked the sharpest decline since May 2020. Meanwhile, merchandise imports plunged 17.5% over the same month last year in June (May: -6.6% yoy), marking the weakest reading since September 2020.
As a result, the merchandise trade balance improved from the previous month, recording a USD 20.1 billion shortfall in June (May 2023: USD 22.1 billion deficit; June 2022: USD 22.1 billion deficit). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 268.6 billion deficit in June, compared to the USD 270.6 billion deficit in May.