New Delhi: The Union commerce ministry’s data has it that India’s goods trade deficit has widened to $20.98 billion on a year-on-year basis in June from $19.19 billion in June last year.
The Economic Times has reported that the deficit was $23.8 billion in May.
Merchandise imports during June 2024 were US $ 56.18 billion as compared to US $ 53.51 Billion in June 2023, reportedly thanks to a rise in demand for gold and industrial machinery.
Total imports (merchandise and services combined) for June 2024 is estimated by the government at US $ 73.47 billion, registering a positive growth of 6.29% vis-à-vis June 2023.
India’s total exports (merchandise and services combined) for June 2024 is estimated at US $ 65.47 billion. India’s goods and services exports thus rose 5.4% year-on-year to $65.47 billion in June. The government has attributed the growth of goods exports in June to demand in engineering and electronic goods, drugs, coffee, etc.
Thus, merchandise exports registered a positive growth of 2.55% in June, since last year, while imports rose by 5%, ET has reported.
The following is a table offered by the commerce ministry, showcasing trade during April-June 2024 versus April-June 2023.
| April-June 2024
(USD Billion) |
April-June 2023 Advertisement (USD Billion) |
||
| Merchandise | Exports | 109.96 | 103.89 |
| Imports | 172.23 | 160.05 | |
| Services* | Exports | 90.37 | 80.57 |
| Imports | 50.67 | 45.45 | |
| Total Trade
(Merchandise +Services) * |
Exports | 200.33 | 184.46 |
| Imports | 222.89 | 205.50 | |
| Trade Balance | -22.56 | -21.03 |
