India’s merchandise trade deficit falls in June

India’s trade deficit in merchandise trade slid to $20.13 billion in June from $22.1 billion in May, according to a Commerce Ministry data released on Friday. Merchandise exports in June was at $32.97 billion, while imports were $53.10 billion during the same month. During May, merchandise exports were $34.98 billion, while imports were at $57.10 billion. India’s exports were down owing to slowdown in major economies of the world, commerce secretary Sunil Barthwal told mediapersons. Services exports in June were $27.12 billion, while imports were $15.88 billion. While in May, services exports were $25.30 billion and imports were $13.53 billion. For the April-June period of 2023, services and merchandise exports fell 7.3 per cent year-on-year to $182.7 billion, while imports fell 10.2 per cent to $205.29 billion.