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Informist, Monday, Jul 15, 2024

 

--Trade secy: Aiming at total trade of $800 bln in FY25 

--India Jun exports $35.2 bln vs $34.32 bln yr ago 

--India Jun imports $56.18 bln vs $53.51 bln yr ago 

--India Jun trade deficit $20.98 bln vs $19.19 bln year ago 

--India Apr-Jun exports $109.96 bln vs $103.89 bln yr ago 

--India Apr-Jun imports $172.23 bln vs $160.05 bln yr ago 

--India Apr-Jun trade deficit $62.27 bln vs $56.16 bln year ago 

--India Apr-Jun engineering goods export $27.68 bln 

--India Apr-Jun petroleum product exports $20.80 bln 

--India Apr-Jun electronic goods exports $8.44 bln 

--India Apr-Jun gems and jewellery exports $7.27 bln 

--India Apr-Jun petroleum product imports $51.50 bln 

--India Apr-Jun electronic goods import $21.90 bln 

--India Apr-Jun gold import $9.51 bln 

--India Jun imports from Russia $5.97 bln 

--India Jun engineering goods export $9.39 bln vs $8.52 bln yr ago 

--India Jun electronic goods export $2.82 bln vs $2.42 bln yr ago 

--Govt: Imported $3.06 bln gold in Jun 

--Govt: Exported $2.25 bln gems and jewellery in Jun 

--Trade secy:Reached out to oil secy on low petroleum pdt exports Jun 

--Trade secy: Not sure why petroleum exports were down in Jun 

--Trade secy: Oil secy yet to reply on Jun petroleum pdt exports fall 

 

NEW DELHI – India's trade deficit widened to $20.98 bln in June compared to a deficit of $19.19 bln a year ago, as growth in exports lagged the rise in imports, data released by the commerce ministry today showed. The trade deficit was $22.08 bln in May.

 

Goods exports rose 2.6% on year to $35.20 bln last month, while imports grew 5.0% to $56.18 bln. India had exported goods worth $39.68 bln in May, and had imported goods worth $61.75 bln. 

 

Exports rose 5.8% on year to $109.96 bln in Apr-Jun, while imports increased 7.6% to $172.23 bln. The trade deficit in the first quarter of 2024-25 (Apr-Mar) was $62.27 bln, up 10.9% on year.

 

The government is looking at a total trade of $800 bln in the current financial year, Commerce Secretary Sunil Barthwal said at a press conference while detailing the trade numbers. 

 

The rise in exports in June was led by non-oil exports, which increased 7.7% on year to $29.68 bln. Exports of petroleum products, on the other hand, fell 18.3% on year to $5.52 bln last month.

 

The commerce ministry is yet to find out why petroleum exports fell in June. The ministry has reached out to Oil Secretary Pankaj Jain to understand the reason but is yet to elicit a response, Barthwal said.

 

Engineering goods exports rose 10.3% on year to $9.39 bln in June, while electronic goods exports were up 16.9% at $2.82 bln. India exported gems and jewellery worth $2.25 bln in June, 1.4% lower than last year.  

 

Oil exports were up 9.3% on year in the quarter ended June at $20.98 bln, while non-oil exports rose 5.1% to $89.17 last month. Engineering goods exports rose 3.4% on year to $27.68 bln in Apr-Jun.

 

Electronic goods exports jumped 21.6% on year to $8.44 bln in Apr-Jun, while gems and jewellery exports were down 3.5% at $7.27 bln.

 

The rise in imports in June was led by petroleum products, which jumped 19.6% to $15.05 bln. Imports of non-petroleum products last month were up just 0.5% on year at $41.13 bln. During the quarter ended June, petroleum product imports rose 23.1% on year to $51.50 bln.

 

Electronic goods imports were up 10.9% at $21.90 bln in Apr-Jun, while gold imports fell 1.9% to $9.51 bln. Gold imports slumped 38.7% on year in June to $3.06 bln.

 

China was the biggest import source nation in June as India imported goods worth $9.29 bln from the world's second-largest economy. India imported goods worth $5.97 bln from Russia in June. 

 

The US was the biggest export destination for India in June as it shipped goods worth $6.7 bln to the world's largest economy last month.

 

The following tables detail trade data for June and Apr-June, in bln dollars, and the percentage changes:

 

	June 2024	June 2023	Year-on-year change (%)
Exports	35.20	34.32	2.6
Engineering goods	9.39	8.52	10.3
Gems and jewellery	2.25	2.28	(-)1.4
Petroleum products	5.52	6.76	(-)18.3
Imports	56.18	53.51	5.0
Oil imports	15.05	12.58	19.6
Non-oil imports	41.13	40.93	0.5
Electronic goods	7.70	6.64	15.9
Gold	3.06	5.00	(-)38.7
Trade deficit	20.98	19.19	9.3

 

 

	Apr-Jun 2024-25	Apr-Jun 2023-24	Year-on-year change (%)
Exports	109.96	103.89	5.8
Imports	172.23	160.05	7.6
Oil imports	51.50	41.85	23.1
Non-oil imports	120.72	118.20	2.1
Gold imports	9.51	9.70	(-)1.9
Trade deficit	62.26	56.16	10.9

Source: Ministry of Commerce and Industry 

 

End

 

US$1 = 83.59 rupees

 

Reported by Krity Ambey and Shubham Rana

Edited by Tanima Banerjee

 

 

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