Despite global challenges, India’s exports of goods rose 2.56 percent to $35.2 billion in June. While due to increase in imports this month, the trade deficit increased to $20.98 billion. According to official data released on Monday, due to increased arrival of crude oil, pulses and electronic goods, imports increased by about five percent in June and it reached $56.18 billion. Due to more imports than exports, the country’s trade deficit increased to $20.98 billion in June. The trade deficit was $19.19 billion in the same period a year ago.
Merchandise exports increased by 9.1% in May
The country’s merchandise exports rose 9.1 percent to $38.13 billion in May. While the trade deficit increased to a seven-month high of $23.78 billion. Overall, merchandise exports grew 5.84 per cent to $109.96 billion in the first quarter (April-June) of this fiscal. While imports grew 7.6 per cent to $172.23 billion during the same period. Thus, the trade deficit in April-June, 2024 widened to $62.26 billion as compared to $56.16 billion in the same period last year.
Total exports may cross $800 billion
Commerce Secretary Sunil Barthwal told reporters on these figures that given the current trend, the total exports of goods and services from the country may surpass $800 billion in the current financial year. The total exports of goods and services in the first quarter of FY 2024-25 have been around $200 billion. Barthwal said, “If the current trend continues, we will definitely cross $800 billion this financial year.” He said the ministry is focusing on six key sectors (engineering, textiles and apparel, electronics, pharmaceuticals, chemicals and plastics and agriculture) and 20 countries to boost exports.
Crude oil imports increased by 19%
According to the data, crude oil imports rose 19.62 percent to $15 billion in June. At the same time, it increased by 23 percent to $51.5 billion during the quarter. However, gold imports in June fell by a huge 38.66 percent to three billion dollars. Gold imports fell by 1.91 percent to $9.51 billion in the first quarter.
Services worth $30.27 billion were exported
The data shows that the estimated value of services exported in June is $30.27 billion. Whereas it was $27.79 billion in June 2023. At the same time, import of services is estimated to increase from $15.61 billion a year ago to $17.29 billion in June. Apart from this, there was a significant increase in exports from India to major export destinations – America, United Arab Emirates (UAE), Malaysia, Bangladesh, Tanzania, Netherlands and Singapore.
