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India Trade Deficit Data: Trade deficit reached $26.1 billion in June due to expensive crude oil

India Trade Deficit Rises: India’s trade deficit is increasing due to weakness in rupee against dollar, rise in crude oil and commodity prices. In June 2022, the trade deficit has reached the figure of $ 26.1 billion, which is 172 percent more than in June 2021. While the import of coal has increased, due to the increase in the demand for gold in the festive season, the import of gold has increased.

Rising trade deficit became a headache
According to the data released by the Ministry of Commerce, exports from India have increased by 23.5 percent to $ 40.13 billion in the month of June. But during this period, there has been an increase of 57.5 percent in imports from abroad and it has been $ 66.31 billion. Due to which the trade deficit has been 26.1 billion dollars. However, the increase in trade deficit can increase the government’s headache. The trade deficit has been increasing continuously for the last three months. In April it was $ 20.4 billion, then in May it was $23.3 billion, now in June there is a trade deficit of $ 26.1 billion.

Rise in commodity prices became trouble
However, due to continuous depreciation of rupee against dollar and rise in commodity prices, the trade deficit is likely to remain high. Refined petroleum imports have doubled to $21.3 billion from 10.6 billion in June 2021 a year ago. It is clear that India is bearing the brunt of expensive crude oil. Gold imports stood at $2.7 billion in June, up from $969 million a year ago. Imports of electronic goods stood at $6.1 billion, up from $4.6 billion a year ago. So there has been a jump of 260 percent in the import of coal coke and the total import has been $ 6.47 billion.

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