According to figures released on Friday by the official commerce ministry, the total value of India’s exports—goods and services combined—in June 2023 is projected to be USD 60.09 billion, representing a fall of around 13% from June 2022. The exports in June 2022 totaled USD 69.20 billion.
According to estimates, global imports in June 2023 would total USD 68.98 billion, a decrease of almost 14% from USD 80.12 billion in 2022.
The difference between exports and imports, or the trade balance, shrank from USD 10.92 billion to USD 8.89 billion in June.
India’s total exports (goods and services combined) are anticipated to fall by 7.29% to USD 182.70 billion in the April–June 2023 quarter compared to the same period in 2022.
The total value of imports is predicted to be USD 205.29 billion in April through June 2023, a 10.18% decrease from April through June 2022.
Data showed that during April and June 2023–24, the trade imbalance shrank from USD 31.49 billion to USD 22.59 billion.
India’s trade performance has displayed diminishing patterns compared to the high base of last year in the context of the global downturn, according to the commerce ministry, after seeing substantial growth in 2022–2023.
“After the Covid calendar year 2022, there was a significant buildup of inventory worldwide, which supported rapid trade growth. Inventory that has previously been accumulated will take some time to deplete. Since orders have begun to increase since July, this is wonderful news for us. Sunil Barthwal, the secretary of commerce, claimed that the trade industry is entirely dependent on external forces.
The trade ministry cited the World Bank’s world Economic Prospects report (June 2023) when it said that after expanding by 3.1% last year, the world economy is expected to significantly slow down in 2023, to 2.1%.
India’s total exports in the month of March that ended the fiscal year 2022-2023 were valued at USD 775.87 billion, up over 14% and nearly USD 100 billion from the same month the previous year.
India’s exports of goods and services increased by 6.74 percent and 27.86 percent, respectively, in 2022–2023 to reach USD 450.43 billion and USD 325.44 billion.
The government took a number of measures, including the introduction of the Production Linked Incentive (PLI) scheme in a number of industries, including the production of electronic goods, to improve exports, integrate India into the global supply chain, and make Indian manufacturers more competitive on a global scale. These seems to have been successful.