According to official figures released on Thursday, India’s exports of goods fell 13.9% year over year in March to $38.4 billion, while its imports fell 7.9% to $58.1 billion. In the last four months of the year, both outbound and inbound shipments were in the negative territory, but in March, the rate of contraction for exports accelerated, suggesting that the decline in global demand and trade frictions had begun to have an impact on India’s international commerce.
Thanks to substantial growth seen in the first four months of the year, goods exports for the entire last fiscal year were still up 6% on year at $447.5 billion. Imports of goods increased by 16.5%. In 2022–2023, $714 billion.
