Indian products exports increased by 2.56% in June, trade deficit reached $ 20.98 billion

Even though challenges remain worldwide, Indian merchandise exports for June grew 2.56% to reach $35.2 billion. As for the trade deficit, it rose to $20.98 billion during this month. According to government data, imports expanded by 5% because of increased arrivals of crude oil, pulses, and electronic equipment. It reached $ 56.18 billion in June with this.

It said that the innings difference between imports and exports stood at $ 19.19 in the month of June 2023, according to a government report. On the other hand, the exports of Indian products rose by 9.1 percent in May this year compared to the same time last year. Other than this, the trade deficit increased to US $ 23.78 billion. This is the highest level in seven months.

In the April to June quarter of this financial year, the export of products reached $ 109.96 billion with 5.84 percent. Apart from this, exports also increased by 7.6 percent to 172.23 billion. As compared with last year, the trade deficit increased to $ 62.26 billion in the April to June quarter this year. The trade deficit during this period was $ 56.16 billion last year.

Commerce Secretary Sunil Barthwal said that in view of the recent trade, the export of Indian products is likely to cross $ 800 billion within this financial year. According to him, in the first quarter of the year 2024-25, the export of products has reached around 200 billion. According to Sunil Barthwal, "Engineering, electronics, pharma, coffee, and chemicals have played a major role in the export of Indian products.". If the trade continues at this pace, then it can cross the figure of 800 billion dollars in a fiscal year.

In the month of June, oil imports in India spurred by 19.62% to USD 15 billion. During the April-June quarter, oil imports grew 23% to USD 51.5 billion and gold imports continued to decline by 38.66%. Gold imports came down to 3 billion dollars in the month of June this year. In the first quarter of the current year, gold imports were 1.91 percent and reached the level of 9.51 billion dollars.