India’s merchandise exports crash 13.88 pc in Mar, trade deficit at US$ 19.73 billion

New Delhi: India’s merchandise exports crashed 13.88% year-on-year to US$ 38.38 billion in March 2023 as compared to US$ 44.57 billion in the corresponding month of the previous year reflecting weak demand from major advanced economies in the wake of global slowdown.
The total merchandise import in March 2023 stood at US$ 58.11 billion. The goods trade deficit during this period was US$ 19.73 billion, according to official data released on Thursday.
The merchandise exports, however, stayed in the green zone on yearly basis with total goods exports registering 6.03% growth at US$ 447.46 billion in financial 2022-23 as compared to US$ 422 billion in the previous fiscal.
India’s overall exports (merchandise and services) grew 13.84% year-on-year to US$ 770.18 billion in FY23 as compared to US$ 676.53 billion in FY22, official data showed on Thursday.