According to official figures, India’s goods exports decreased 12.7% year over year to $34.66 billion in the first month of FY24 due to weak demand and a global economic downturn. In April, the trade imbalance reached a 20-month low of $15.2 billion, down from $18.36 billion in the same month last year, as imports sharply decreased by 14% as a result of falling commodity prices, particularly those of petroleum.

This is the third straight month that exports have fallen and imports of goods have decreased.The worldwide demand environment, according to officials, is now “not looking very good” but is expected to improve in two to three months. They anticipated that the opening of the Chinese economy and an increase in demand in the EU and the US would increase India’s exports.