The trade deficit witnessed a decline of 40.59 percent during the first eleven months of the current fiscal year as compared to the corresponding period of last year.
The trade deficit during July-May (2022-23) was recorded at $25.791 billion against the deficit of $43.409 billion in July- May (2021-22), a decline of 40.59 percent.
The exports during the period were recorded at $25.366 billion against $28.871 billion last year, showing a decline of 12.14 percent.
On the other hand, the imports witnessed a sharp decline of 29.22 percent by falling from $72.280 billion last year to $51.157 billion during the current fiscal year.
On a year-on-year basis, the exports from the country witnessed a decline of 16.69 percent and were recorded at $2.186 billion in May 2023 against the exports of $2.624 billion in May 2022.
The imports also decreased to $4.275 billion in May 2023 from $6.760 billion in May 2022, showing negative growth of 36.76 percent.
On a month-on-month basis, the exports during May 2023 however increased by 2.29 percent when compared to the exports of $2.137 billion in April 2023.
The imports into the country also increased by 42.64 percent in May 2023 when compared to the imports of $2.997 billion in April 2023.
