Value of Indian exports for May 2023 stands at US$ 60.29 billion

Indian exports: The gross figure of Indian exports(merchandise and services) for May 2023 is valued at US$60,29 billion. Compared to May 2022, there as been a decline of -5.99% in exports. Overall imports for May 2023, valued at US$70.4 billion also trend of decline with negative growth  -7.45 per cent over May 2022. Despite decline in overall trade for the month of April-May, there has been considerable improvement in trade balance. Trade deficit for April-May 2022 stood at US$ 20.56 Billion while for April-May 2023 deficit was valued at US$ 13.28 Billion, a significant decline of -35.41%.

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Highs and Lows of Trade

Electronic goods experienced most robust growth of 73.96% compared to corresponding period of previous year. Export of agricultural goods have experienced significant growth as well with spices at 31.81% and rice at 19% in April-May 2023 over April May 2022. Ceramic products and glassware also showed considerable growth with an increase of 17.36%. Import of machinery, electronic goods, pulses, iron and steel have increased substantially.

Merchandise trade deficit during April-May 2023 stood at $37.26 billion dollars, however the figure is low compared to $40.48 billion during April-May 2022. There has been decline in merchandise trade deficit as well as overall trade deficit because the value of actual trade has fallen noticeably. The gap highlights challenges in recovering from affects of pandemic and global slowdown precipitated by multiple factors, including Russia-Ukraine conflict.

Rise in Service Sector

Contrary to merchandise sector, service sector showed a gradual increase in time of overall slowdown. Service sector exports were US$25.30 billion in May and imports at US$13.53. The increase in service sector is a result of boom in IT industry and business consulting opportunities. Also, unlike merchandise sector India has no trade deficit in the service sector and it continues to outperform other two sectors with a considerable margin.

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