India’s merchandise exports contracted by 22 per cent year-on-year, the steepest decline in the last three years, to $32.97 billion in June amid weakening global demand and high inflationary conditions in developed countries, data released Friday by the Ministry of Commerce and Industry showed.
Trade deficit, which reflects the gap between exports and imports, also narrowed to $20.13 billion in June this year as against $22.07 billion in June last year due to a fall in both exports and imports.