The government of India on Monday released data on the exports by the nation in the month of June. According to the data, India's merchandise export in June increased by 2.56 per cent to $35.32 billion compared to $34.32 billion in June last year. Along with the exports, the country's imports have soared by 5 per cent to reach $56.18 billion compared to $53.51 billion in June 2023.
Meanwhile, the trade deficit (the gap between the imports and exports) stood at $20.98 billion during the month of June. Commerce Secretary Sunil Barthwal spoke to the media about the latest data and said that if the current trend persists, India's total export of goods and services may breach the $800 billion mark this fiscal year.
USD 200 billion in exports in first quarter
During the first quarter of 2024-25, the exports of goods and services stood at about USD 200 billion, he added. In May, the country's merchandise exports increased by 9.1 per cent and reached USD 38.13 billion, even as the trade deficit widened to a seven-month high of USD 23.78 billion.
During April-June in this fiscal year, the exports increased 5.84 per cent to reach USD 109.96 billion, while the imports grew 7.6 per cent to USD 172.23 billion.
India's exports rose despite ongoing global challenges
Earlier on Sunday, Commerce and Industry Minister Piyush Goyal said that India's exports recorded healthy growth in May and remained positive in June and the first quarter of the current fiscal despite global challenges.
He said, "Despite the ongoing two wars (Russia-Ukraine and Israel-Hamas), the Red Sea crisis, and container shortage issues, our exports are in a positive zone." "One more advantage that we have is the fast pace growth in the services exports," the minister added. He also said that growth in the services sector is helping the country's outbound shipments to register positive growth rates.
(With PTI Inputs)
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