India’s merchandise exports jumped 16.78 per cent year-on-year to $37.94 billion in June, while imports increased 51 per cent year-on-year to $63.58 billion, according to the government’s preliminary data released on Monday. The country’s trade deficit widened to a record $25.63 billion during the month as compared with $9.61 billion in June 2021, according to the data.
Cumulative exports in April-June 2022-23 rose about 22.22 per cent to $116.77 billion, while imports increased 47.31 per cent to $187.02 billion during the period. The trade deficit during the first three months of this fiscal widened to $70.25 billion from $31.42 billion in the year-ago period.
“India has achieved a monthly value of merchandise export in June 2022 amounting $37.94 billion, an increase of 16.78 per cent over $32.49 billion in June 2021. India’s merchandise export in April-June 2022-23 was $116.77 billion with an increase of 22.22 per cent over $95.54 billion in April-June 2021-22,” the commerce and industry ministry said in a statement on Monday.
It added that petroleum products with a jump of 98.01 per cent, followed by electronic goods (50.66 per cent) and RMG of all textiles (44.67 per cent) led the way in high increase in exports during June 2022.
It added that the value of non-petroleum exports in June 2022 was $30.12 billion, registering a positive growth of 5.53 per cent over non-petroleum exports of $28.54 billion in June 2021. The cumulative value of non-petroleum exports in April-June 2022-23 was $92.49 billion, an increase of 11.92 per cent over $82.65 billion in April-June 2021-22.
“Value of non-petroleum and non-gems and jewellery exports in June 2022 was $26.75 billion, registering a positive growth of 4.0 per cent over non-petroleum and non-gems and jewellery exports of $25.72 billion in June 2021. The cumulative value of non-petroleum and non-gems and jewellery exports in April -June 2022-23 was $82.43 billion, an increase of 12.19 per cent over cumulative value of non-petroleum and non-gems and jewellery exports of $73.47 billion in April-June 2021-22,” the ministry said.
During April-June 2022, the value of non-petroleum imports was $42.84 billion in June 2022 with a positive growth of 36.36 per cent over non-petroleum imports of $31.42 billion in June 2021. The cumulative value of non-petroleum imports in April-June 2022-23 was $126.95 billion, showing an increase of 32.18 per cent compared to non-oil imports of $96.04 billion in April-June 2021-22.
“Value of non-oil, non-GJ (gold, silver & Precious metals) imports was $36.7 billion in June 2022 with a positive growth of 31.71 per cent over non-oil and non-GJ imports of $27.87 billion in June 2021. Non-oil, non-GJ (Gold, Silver & Precious Metals) imports in April-June 2022-23 was $107.14 billion, recording a positive growth of 32.55 per cent, as compared to non-oil and non-GJ imports of $80.83 billion in April-June 2021-22,” the ministry added.
In May, India’s merchandise exports had jumped 20.55 per cent year-on-year to $38.94 billion, while the imports increased 62.83 per cent year-on-year to $63.22 billion during the month. Thus, the trade deficit during the month was $24.29 billion as against $6.53 billion in May 2021.
During the previous financial year 2021-22, India achieved the highest-ever goods exports of $400 billion, a 37 per cent jump over the previous fiscal. The exports in FY2020-21 had stood at $292 billion.
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