India's Merchandise Trade Deficit Narrows Unexpectedly

In a surprising turn of events, India's merchandise trade deficit narrowed to $18.78 billion in June, falling below both market expectations and the previous month's figures. This development was driven by a noticeable decline in both exports and imports, as reported by the Ministry of Commerce & Industry.

Exports and Imports See a Downturn

Merchandise exports dropped to $35.14 billion in June from $38.73 billion in May, while imports also saw a reduction, settling at $53.92 billion from $60.61 billion the month before.

Services Sector Remains Robust

Despite the downturn in merchandise trade, the services sector showcased a strong performance with a surplus of $15.62 billion in June. Services exports were estimated at $32.84 billion against imports of $17.58 billion.

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