India’s merchandise exports climb 2.56% in June despite global challenges
A large number of shipping containers in a busy cargo port. Original public domain image from Wikimedia Commons
In June, India’s merchandise exports grew by 2.56%, reaching USD 35.2 billion, as indicated by government data released on Monday. However, the trade deficit for the month increased to USD 20.98 billion. This export growth is primarily attributed to higher inbound shipments of crude oil, pulses, and electronic goods, resulting in a 5% rise in imports, which totaled USD 56.18 billion.
Back in June 2023, the trade deficit, which is the difference between imports and exports, was USD 19.19 billion. In May, India’s merchandise exports saw a 9.1% increase, amounting to USD 38.13 billion, while the trade deficit reached a seven-month peak of USD 23.78 billion. Over the April-June period of this fiscal year, merchandise exports increased by 5.84% to USD 109.96 billion, with imports rising by 7.6% to USD 172.23 billion.
For the April-June 2024 period, the trade deficit expanded to USD 62.26 billion, compared to USD 56.16 billion in the same period the previous year.
