New Delhi. Despite global challenges, India’s export of goods increased by 2.56 percent to $ 35.2 billion in June, while imports also increased this month, due to which the trade deficit increased to $ 20.98 billion. According to official data released on Monday, imports increased by about five percent in June and reached $ 56.18 billion due to increased arrivals of crude oil, pulses and electronic goods.
The country’s trade deficit widened to $20.98 billion in June due to higher imports than exports. The trade deficit was $19.19 billion in the same period a year ago. In May, the country’s merchandise exports grew by 9.1 percent to $38.13 billion, while the trade deficit widened to a seven-month high of $23.78 billion. Overall, merchandise exports grew by 5.84 percent to $109.96 billion in the first quarter (April-June) of this financial year, while imports grew by 7.6 percent to $172.23 billion in the same period.
Thus, the trade deficit in April-June, 2024 increased to $62.26 billion as compared to $56.16 billion in the same period last year. Commerce Secretary Sunil Barthwal told reporters on these figures that given the current trend, the total export of goods and services from the country can surpass $800 billion in the current financial year. The total export of goods and services in the first quarter of the financial year 2024-25 has been around $200 billion.
Barthwal said, “If the current trend continues, we will definitely cross $800 billion this fiscal 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.
According to the data, crude oil imports rose 19.62 percent to $15 billion in June. During the quarter, it rose 23 percent to $51.5 billion. However, gold imports in June fell by a huge 38.66 percent to $3 billion. Gold imports fell 1.91 percent to $9.51 billion in the first quarter.
The data shows that the estimated value of services exported in June is $30.27 billion as against $27.79 billion in June 2023. At the same time, imports of services are estimated to increase from $15.61 billion a year ago to $17.29 billion in June. Apart from this, exports from India to major export destinations – the US, United Arab Emirates (UAE), Malaysia, Bangladesh, Tanzania, Netherlands and Singapore saw a significant increase.