Exports decline by 22% to $32.97 billion in June, steepest monthly fall in 3 years
NEW DELHI: India's exports contracted by 22%, the steepest decline in the last three years, to $32.97 billion in June on account of global demand slowdown, especially in the Western markets like the US and Europe. According to the data of the commerce ministry, the trade deficit in June stood at $20.3 billion against $22.07 billion in the same month last year due to a fall in exports and imports. The inbound shipments during the month under review declined by a steep 17.48% to $53.10 billion. Exports in May 2020 contracted by 36.47% when the world was reeling under the impact of the Covid-19 pandemic. Commenting on the numbers, Commerce Secretary Sunil Barthwal said trade sector growth is in the hands of global factors. As the World Trade Organisation (WTO) has projected a slowdown in wo...