India’s Exports Decline By 10.3% To $34.98 Bn

According to government data released on Thursday, India witnessed a significant 10.3 per cent year-on-year decline in exports during May, with the total value reaching USD 34.98 billion. 

Concurrently, imports also experienced a decline of 6.6 per cent to USD 57.1 billion, down from USD 61.13 billion recorded in the same month the previous year. 

Commerce Secretary Sunil Barthwal acknowledged the prevailing challenges faced by global trade. In response, the Department of Commerce and the Department for Promotion of Industry and Internal Trade are actively formulating an exports strategy that concentrates on 40 specific countries. 

These initiatives aim to address the ongoing headwinds and revitalize India’s trade sector. The decline in both exports and imports underscores the need for focused efforts to bolster international trade and strengthen the country’s position in the global market.