Question
The data released by the commerce department showed
outbound shipments from India witnessed a sharp 12.7 percent, contraction at ______ during the first month of the fiscal year 2023.Solution
Merchandise exports fell to a six-month low and imports did their worst in 20 months -- both in value terms — in April as sluggish demand for Indian goods due to an economic downturn in key destinations and easing commodity prices weighed on India’s trade basket.The data released by the commerce department showed outbound shipments from India witnessed a sharp 12.7 per cent contraction at $34.66 billion during the first month of the fiscal year while those inbound saw a sharper decline at 14 per cent to $49.9 billion, leading to a 20-month-low trade deficit at $15.24 billion.
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