India’s trade deficit touched $22.12 billion in May 2023.

India’s merchandise exports plummeted for the fourth consecutive month, nosediving by 10.3% YoY in May 2023 to a mere $34.98 billion.

The Commerce Department is hopeful of a demand revival starting in July-August 2023.

China, Russia, the US, the UAE, and Saudi Arabia were India’s top import sources.