Trade Data: Exports of goods from the country grew by 23.52 percent to $ 40.13 billion in June this year. The trade deficit during this period stood at a record $ 26.18 billion.
According to government data released yesterday, the country’s exports grew by 20.55 percent in May. Commodity imports jumped 57.55 per cent year-on-year to $66.31 billion in June. The commerce ministry said in a statement that the goods trade deficit widened 172.72 percent to $26.18 billion in June from $9.60 billion in the same month last year.
Crude oil imports doubled
Crude oil imports nearly doubled to $21.3 billion in June. Coal and coke imports more than doubled to $6.76 billion in the month under review from $1.88 billion in June 2021.
Gold import also increased by 183 percent
Gold imports also increased by about 183 percent to $2.74 billion.
Exports grew by 24.51 percent in the first quarter of the current financial year, April-June
In the first quarter of the current financial year, April-June, exports grew by 24.51 percent to $ 118.96 billion. During this period, imports increased by 49.47 percent to $ 189.76 billion. The trade deficit widened to $70.80 billion in the first quarter of FY 2022-23, from $31.42 billion in the first quarter of 2021-22.
Export of petroleum products doubled in June
On the export front, petroleum products exports more than doubled to $8.65 billion in June. Gems and jewelery exports grew 25 per cent to $3.53 billion.
How about other products
Exports of textiles, rice, oilseeds, tea, engineering, meat, dairy and poultry products also did well last month. However, exports of iron ore, handicrafts, plastics and linoleum, cotton yarn/textiles, handloom products, carpets and cashew declined in the month under review.
In June last year, the trade deficit was low due to Kovid
In June last year, imports were low due to the second wave of the Kovid-19 epidemic. Due to this, the trade deficit in June 2021 was only $ 9.6 billion.
what about ikra
Regarding trade data, Aditi Nair, Chief Economist of rating agency Icra said that there is a risk of widening of the current account deficit in the first quarter of the current financial year due to the widening trade deficit. However, he said that we expect the current account deficit for 2022-23 to be $105 billion or a marginal decline in the estimate of three percent of GDP.
Service exports increased in June
The ministry said that in June 2022, service exports are estimated to be $ 24.77 billion. This is 22.04 percent more than the same month last year. Service exports grew 48.62 per cent to $16.11 billion in the month of June.
Exports up in April-June quarter
In the fiscal year 2022-23, exports grew 26.25 per cent to $70.97 billion in the April-June quarter. Imports rose 49.15 per cent to $45.35 billion.