Mumbai, July 16: India’s merchandise exports in June increased 2.56 per cent to USD 35.2 billion despite global challenges, even as the trade deficit widened to USD 20.98 billion during the month.According to the government data released on Monday, imports rose about 5 per cent to USD 56.18 billion in June due to the increase in inbound shipments of crude oil, pulses, and electronic goods.
The trade deficit, or the gap between imports and exports, during June 2023 was USD 19.19 billion.
India’s merchandise exports grew 9.1 per cent to USD 38.13 billion in May, even as the trade deficit widened to a seven-month high of USD 23.78 billion.
Cumulatively, the merchandise exports in April-June this fiscal climbed 5.84 per cent to USD 109.96 billion, and imports grew 7.6 per cent to USD 172.23 billion.
The trade deficit during April-June 2024 widened to USD 62.26 billion compared to USD 56.16 billion in the same period last year.
Briefing media on the data, Commerce Secretary Sunil Barthwal said going by the current trend, the country’s total exports of goods and services may cross USD 800 billion this fiscal.Sunil Barthwal
During the first quarter of 2024-25, the exports of goods and services stood at about USD 200 billion, he added.
“If the current trend continues, we will certainly cross USD 800 billion this fiscal,” Barthwal said, adding the major drivers of export growth are engineering, electronics, pharmaceuticals, coffee and chemicals.
He added that the ministry is focusing on six major sectors (engineering, textiles and apparel, electronics, pharmaceuticals, chemicals and plastics, and agriculture) and 20 countries to boost exports.
Oil imports rose by 19.62 per cent to USD 15 billion in June. It was up by 23 per cent at USD 51.5 billion during April-June 2024-25.
However, gold imports dipped by 38.66 per cent to USD 3 billion in June this year and 1.91 per cent during the first quarter of this fiscal at USD 9.51 billion.
According to the data, the estimated value of services exported in June is USD 30.27 billion compared to USD 27.79 billion in June 2023.
Imports of services are estimated to have increased to USD 17.29 billion during the month from USD 15.61 billion in June 2023.
Further, the data showed that India’s shipment to the major export destinations – the US, UAE, Malaysia, Bangladesh, Tanzania, the Netherlands, and Singapore recorded healthy growth in June.