The country's total exports plummeted by 13.1% to $60.09 billion in June this year, as against $69.20 billion in the same period last year, according to the latest data by the Ministry of Commerce & Industry. Of this, merchandise exports declined by 22% to $32.97 billion as against $42.28 billion in the same period last year. Services exports, however, surged marginally by 0.7% to $27.12 billion from $26.92 billion in the same period last year.
During the April to June period, the country's exports stood at $182.7 billion, declining by 7.3% as against $182.7 billion in the same period last year. Of this, the country’s merchandise exports declined by 15.1% to $102.68 billion, whereas services exports surged by 5.17% to $76.09 billion.
"For the month of June 2023, under merchandise exports, 9 of the 30 key sectors exhibited positive growth in June 2023 as compared to the same period last year (June 2022). These include iron ore (1664.3%), electronic goods (45.36%), oil seeds (33.33%), cashew (19.6%), tobacco (17.8%), fruits and vegetables (14.1%), coffee (7.1%), handicrafts excluding hand made carpet (5.14%) and drugs & pharmaceuticals (5.13%)," the ministry says.
The total domestic imports stood at $68.98 billion, declining by 13.9%, as against $80.12 billion in the same period last year. Of this, merchandise imports declined by 17.5% to $53.10 billion in June as against $64.35 billion in the same period last year. Services imports stood at $15.88 billion, witnessing a marginal increase of 0.7% as against $15.77 billion in the same period last year.
During the April to June period, the domestic imports stood at $205.29 billion, declining by 10.1% as against $205.29 billion in the same period last year. Of this, the country’s merchandise imports declined by 12.67% to $160.28 billion as against $183.54 billion in the same period last year. Services imports stood at $45.01 billion as against $45.02 billion in the same period last year. In the Q1 of FY24, the merchandise trade deficit stood at $57.60 billion as against $62.55 billion in the same period last year.
Notably, in June, exports of non-petroleum and non-gems and jewellery stood at $25.13 billion, witnessing a decline of 10.72% as against $28.15 billion in the same period last year. The imports of non-petroleum and non-gems and jewellery stood at $33.28 billion as against $38.93 billion in the same period last year. During April to June period, the country’s exports of non-petroleum and non-gems and jewellery stood at $77.18 billion as against $83.82 billion in the same period last year. The imports of non-petroleum and non-gems and jewellery between the April to June period stood at $100.84 billion, as against $110.22 billion in the same period last year.
"Exports of electronic goods increased by 45.36% during June 2023 at $2.43 billion as compared to $1.67 billion in June 2022. During April-June 2023 electronic goods exports were recorded at $6.96 billion as compared to $4.73 billion during April-June 2022, registering a growth of 47.05," says the ministry.
