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.

According to official figures issued on Monday, the total trade imbalance (goods and services) in April was $1.38 billion, which was a 21-month low.

“Russia-Ukraine war coupled with the emerging geopolitical scenario has also made the international scenario much tougher for the exporters,” said A Sakthivel, head of the Federation of Indian Export Organisations